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Microsoft's Robust Fiscal Q4 Results Driven by Azure Growth, M365 Copilot Traction, RBC Says

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Microsoft's (MSFT) robust fiscal Q4 results were driven by Azure growth amid rising demand and continued M365 Copilot traction, RBC Capital Markets said in a Thursday research report.

Azure growth delivered upside on efficiency gains across the CPU and GPU fleet, as well as process enhancements, the firm said. Meanwhile, M365 Copilot net seat additions growth continued to support AI monetization, analysts wrote.

The company lowered its 2026 capex guidance to $175 billion from $190 billion after extending the useful life of data centers to 25 years from 15 years, reclassifying data center leases to operating leases from finance, according to the note.

The brokerage said it reiterated its outperform rating on the stock and price target of $640 per share.

Price: $449.28, Change: $+58.74, Percent Change: +15.04%

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