Microsoft earnings AI capex is getting quite expensive

Demand isn’t speculative anymore; it’s contractual. Microsoft’s commercial remaining performance obligation reached $392 billion, up 51% from a year earlier. And that figure doesn’t include OpenAI’s$ 250 billion Azure commitment, a multiyear deal that functions like an energy forecast disguised as a tech partnership. Together they represent hundreds of billions in future workloads — booked, not built.The physics are inescapable. Each AI deployment now drags behind it a convoy of equipment, cooling, and grid ...