Microsoft Fiscal Q4 2024 Earnings: Capex Surges QoQ; Azure Remains Durable

The reason that AI semiconductors were deep in the green today is because Microsoft announced strong QoQ increase to its capex for AI infrastructure. Microsoft’s capex increased 36% sequentially and 78% YoY to $19 billion in Q4. Capex was $14 billion last quarter, where it grew 22% sequentially. Full year 2024 capex was up 75% YoY to $55.7 billion, yet this quarter’s run rate suggests we could see up to $80 billion in capex in FY2025. Notably, management is guiding for a further YoY increase in capex in FY’25.

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