2026-09-02 — Microsoft collapses three reporting segments into two — “Agents and Infra” and “Devices and Consumer” — and promises quarterly revenue for each key business

• Microsoft filed an 8-K at 16:30 ET on 09-02 announcing that from FY27 it will report two segments, “Agents and Infra” and “Devices and Consumer,” replacing Productivity and Business Processes, Intelligent Cloud and More Personal Computing, with “full transparency of quarterly revenue across each of our key businesses” — Reuters’ read: Azure revenue disclosed in dollars for the first time. Satya Nadella’s note frames it as AI “blurring the boundaries between our products and reshaping our business models”; the exhibit restates historical financials and adjusts the FY27 Q1 outlook to the new structure. For this thread the change matters because the capex-to-revenue question the map has asked of every hyperscaler print becomes answerable at the Azure line rather than inferred. (Microsoft 8-K, Exhibit 99.1, 8-K index)

2026-08-10 — Microsoft reportedly books 300,000+ Maia 300 chips from TSMC

• Microsoft is reportedly in talks to book more than 300,000 Maia 300 AI chips from TSMC for 2027 delivery, targeting a public unveiling as soon as September — per The Information, with a longer-term ambition of securing capacity for over 1 million units, though supply constraints and the still-open TSMC negotiation could limit that. This thread’s own open question — whether Microsoft’s silicon spend serves OpenAI’s workloads or its own, and in what split — stays unanswered: Maia 200 was already confirmed dual-purpose (OpenAI inference + Microsoft’s own training/RL) with no percentage disclosed, and nothing here changes that. (TheNextWeb, Investing.com, citing The Information)

2026-07-29 — CORRECTED 2026-09-01: Microsoft’s FY27 capex guidance was NOT purely qualitative — a hard $175B figure was given on the same call

• A prior entry on this thread characterized Microsoft’s 07-29 earnings call as leaving FY27 capex guidance “qualitative” — that was incomplete. CFO Amy Hood gave a specific FY27 full-year capex figure on that same call, tied to an accounting change: “the shift from finance to operating leases adjust[s] our expectation to approximately $175 billion.” She also said Microsoft is extending the estimated useful life of data centers/office buildings from 15 to 25 years (affecting depreciation timing and shifting more future leases from finance to operating classification — “outside of this useful life impact, our calendar year 2026 CapEx investment expectations remain unchanged”), and that commercial RPO grew 84% to $678 billion. The original entry was right to reject the ~$255-260B analyst-preview number, but wrong to call the FY27 guide purely qualitative — $175B is a real, CFO-stated figure, shaped by a lease-accounting reclassification rather than a change in underlying spend intent. (Earnings call transcript via The Globe and Mail)

2026-07-29 — Earnings beat, Azure accelerates, the named split still didn’t happen

• Microsoft reports FY26 Q4 after today’s close, confirmed against two Microsoft primary sources; the watch items are the FY27 capex guide and any OpenAI-vs-own split disclosure. (Microsoft)
• Record the date churn plainly: this thread’s prose said 07-29, the expectations ledger said 07-30, the ledger was trusted and the prose “corrected” — then Microsoft’s own IR settled it at 07-29. The ledger was the wrong authority.
• Revenue $90.0B (+18%) and EPS $4.81 (+32%) both beat, and Azure grew 43% constant-currency — well above the 39-40% guide, and an acceleration from the prior quarter. Stock +8-9% after-hours. (Microsoft IR)
• ⚠ Quality-of-beat flag: the EPS figure includes a ~$3.2B unrealized mark-to-market gain on Microsoft’s Anthropic stake. The operating beat is real but smaller than the headline number. (Benzinga)
• The named “first” — an OpenAI-vs-own capex split — did NOT happen. Checked the call transcript directly: the only OpenAI-adjacent disclosure was commercial RPO growing 25% excluding OpenAI, plus a reiteration of OpenAI’s $250B Azure spend commitment. Neither is a split. FY27 capex guidance stayed qualitative — “will grow year-over-year,” next quarter guided “over $50B” — and the ~$255-260B full-year figure circulating in preview coverage was NOT stated on the call; treat it as analyst preview, not company guidance. (transcript via Investing.com)

2026-07-23 — Thread opened, quiet

• Opened alongside its three siblings (google-capex, meta-capex, aws-capex) so the term list catches Microsoft capex news going forward — no dedicated item swept yet, stated plainly rather than backfilled with a stretch.

← Backstory

(finding: artifacts/findings/microsoft-capex-2026-07-27.md · bundle: artifacts/bundles/microsoft-capex-2026-07-27/provenance.yaml)

• Sites: the “AI superfactory” linking Wisconsin and Georgia — Mount Pleasant, WI Fairwater #1 finished construction 2026-06-23 (second facility slated 2028); a second Fairwater site near Atlanta, GA, unveiled 2025-11-12, is wired to it via 120,000+ miles of dedicated fiber, forming Microsoft’s first named “AI superfactory,” reported at “over 2GW” combined capacity. (Microsoft Source)
• Sites: a second, separate 2GW site in Texas — Pecos, Reeves County TX announced 2026-06-22, ~2GW, co-located with a Chevron-built natural-gas plant (“Project Kilby,” $7B, 20-year PPA, first power 2028) — a distinct 2GW figure from the WI+GA superfactory, not to be summed with it without more confirmation; no single company-wide total-GW figure exists anywhere in the public record. (Microsoft blog)
• Silicon: Maia 200 is explicitly dual-purpose — launched 2026-01-26 (TSMC 3nm, 140B transistors), deployed to serve both OpenAI’s GPT-5.2 inference and Microsoft’s own in-house model training/RL — Microsoft’s own post confirms the split exists but gives no percentage; no production-volume figure has been disclosed anywhere. (Microsoft blog)
• Power: Three Mile Island/Crane restart advancing toward 2027 — DOE approved a $1B loan to Constellation (2025-11-18); NRC issued a draft finding of no significant environmental impact and FERC approved 760MW of interconnection rights (2026-06), with operators affirming a 2027 restart date. (E&E News via Google News RSS)
• Payoff: the $37B AI run-rate and the un-mapped $250B OpenAI commitment — Microsoft’s FY26 Q3 (2026-04-29) reported AI run-rate at $37B annualized (+123% YoY), Azure +40% YoY, and nine-month FY26 capex of $80.1B; the October 2025 OpenAI deal set a $250B incremental Azure purchase commitment with no disclosed timeframe, and no source anywhere quantifies what share of Microsoft’s capex serves that commitment versus Microsoft’s own workloads — the central open question the earnings call (07-29) may or may not address. (Microsoft IR)
• Housekeeping: the “$97B/yr TTM” figure in the brief was not found verbatim anywhere — it’s a plausible derivation from the $80.1B nine-month FY26 IR figure, not a disclosed or press-stated number; pending confirmation at the 2026-07-29 earnings call.