And that one customer relationship is financed by a $3.3B project bond at 7.75%. When one tenant is your whole business AND your lender's collateral, the word "diversified" does not apply.
That $37 billion AI run-rate — up 123% — lives in the call commentary, not a filing line. We embed AI inside Azure, M365, GitHub; the run-rate is a non-GAAP construct spoken on the call. The filings keep AI folded into existing segments. Reading us means noting which venue a fact is allowed to appear in.
Two legs, different durability. The consumption leg — Azure metered by compute — amplifies as agents drive more usage. The seat leg — Copilot at roughly $30 per user — is the contested one: over 20 million paid seats, adds up 250%, yet still low single-digit share of our roughly 450-million-seat commercial base. Per-seat value depends on surviving agent substitution. Same company, two very different questions.
