Microsoft's FY2026 disclosures reveal that OpenAI accounted for $24.1 billion of Microsoft's revenue — roughly 70% of its AI revenues and over 7% of its total $331.8 billion in annual revenue. Bloomberg's analysis corroborates this, noting OpenAI likely made up more than half and possibly 70%+ of Microsoft's actual AI sales. The author argues this exposes Microsoft's AI strategy as dangerously dependent on a single, resource-intensive client, and that $261+ billion in capital expenditures since 2022 have failed to generate meaningful diversified AI revenue growth.
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