Microsoft Shares Slide Despite Earnings Beat Amid OpenAI Exposure, Azure Capacity Concerns

• Microsoft's shares dropped over 6% after-hours despite better-than-expected Q2 results, driven by investor worries.
• Concerns center on moderating Azure growth, rising capital expenditure, and significant exposure to OpenAI.
• OpenAI now accounts for 45% of Microsoft's $625 billion remaining performance obligations, raising Wall Street eyebrows.
• Analysts fear over-reliance on a single partner (OpenAI) for Azure demand increases execution risk, especially with AI infrastructure constraints.
• CEO Satya Nadella and CFO Amy Hood addressed capacity allocation, emphasizing balancing OpenAI, first-party products, and other Azure customers amid tight GPU supply.

Why It Matters: Microsoft's stock fell due to investor concerns over OpenAI reliance and Azure capacity, despite strong earnings.