Microsoft's backlog just hit $684 billion. The part that stands out to me is how much of that is tied to OpenAI. It gives a sense of the scale of the AI opportunity here. This isn't just about what $Microsoft(MSFT)$ is selling right now. A massive pipeline of future revenue is already sitting on the books. AI spending may be expensive at the moment, but the backlog makes it clearer why Microsoft is willing to keep pushing chips in.
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