Cloud · AI infrastructure · In-house silicon

Microsoft

Big-tech operator of Windows, Office and the Azure cloud. FY2025 (ended June 2025) revenue was $281.7B. To expand AI data centers it raised cash capex about 45% in one year to $64.6B. As Nvidia’s largest GPU buyer, plus AMD, TSMC and its own Maia silicon, it is a key demand sink for AI chips.

MSFT Updated Jul 12, 2026 5 AI consumers· 5 recurring

Per the valuechain.wiki graph, Microsoft is directly linked to 39 companies (31 supply, 7 revenue, 2 investment relationships) and reaches 81 companies within two hops; the links are backed by 47 dated sources, 10 of them primary filings (as of 2026-07-12).

Annual return · 2026-07-10'21+52.5%'22-28%'23+58.2%'24+12.9%'25+15.6%YTD-20%
Money in ▸enterprises · consumers (Azure · M365 · Windows)●Revenue $281.7BOpenAI●ServiceNow◐Walmart Inc◐Starbucks Corp◐Costco Wholesale◐Johnson Controls (Azure — OpenBlue)◐Snowflake○
MicrosoftFY2025
▸ Money outNVIDIA●Units 485,000AMD●TSMC●Credo Technology●Arista Networks●Constellation Energy●IREN●Nebius Group●Digital Realty●Brookfield Asset Management Ltd.◐Amount 10.5 GWSeagate Technology◐Astera Labs◐Intel◐Marvell◐Quanta Computer◐Foxconn (Hon Hai)◐Western Digital◐CoreWeave◐IonQ◐Wiwynn◐Eaton◐Schneider Electric◐GE Vernova◐Vertiv◐Ciena◐Caterpillar◐Cummins◐Super Micro◐Sumitomo Electric◐ABB◐Equinix◐memory · HBM (SK hynix · Samsung · Micron)○

Financials & Segments

  • Total revenue · FY2025 (ended June 2025) revenue $281.7B (+15%)
  • Customer concentration · Demand sink for AI infrastructure. Cash capex $64.6B (FY2025, up 45% from $44.5B). GPUs from Nvidia (485k Hopper units in 2024, its largest buyer) and AMD, foundry at TSMC (its own Maia chip), connectivity from Astera Labs.
  • Segments · Intelligent Cloud · Productivity and Business Processes · More Personal Computing

Revenue from

  • enterprises · consumers (Azure · M365 · Windows) High confidence· Revenue $281.7B · FY2025 · 10-K annual total revenue
    The demand end of the chain: sells cloud (Azure), productivity software (M365) and Windows to enterprises and consumers. FY2025 total revenue $281.7B.
    Confirms EN SEC / Microsoft Published Jul 30, 2025: Microsoft FY2025 Form 10-K
  • OpenAI High confidence
    Supplies Azure to OpenAI ($250B commitment) plus equity stake.
    Confirms KO Wikipedia Published Jan 1, 2026: OpenAI
    Confirms EN CNBC Published Sep 22, 2025: Nvidia to invest up to $100B in OpenAI
    Confirms EN Microsoft Azure Published Nov 15, 2023: Azure Maia for the era of AI: From silicon to software to systems
  • ServiceNow Medium confidence
    Azure cloud for ServiceNow workloads.
    Confirms EN Futurum Published Jan 29, 2026: ServiceNow Q4 FY2025 earnings, AI platform
  • Walmart Inc Medium confidence
    Microsoft earns revenue supplying Walmart with Azure cloud and Azure OpenAI.
    Confirms EN Microsoft (Official Blog) Published Jan 9, 2024: Walmart unveils new generative AI-powered capabilities for shoppers and associates
  • Starbucks Corp Medium confidence
    Microsoft earns revenue supplying the Azure cloud and machine learning that run Starbucks' Deep Brew AI.
    Confirms EN Microsoft (Source) Published Jan 6, 2020: Starbucks turns to technology to brew up a more personal connection with its customers
  • Costco Wholesale Medium confidence
    Costco runs its core IT on Microsoft Azure, making it a Microsoft cloud customer.
    Confirms EN Constellation Research Published Dec 15, 2025: Costco is approaching AI in a very Costco way
  • Johnson Controls (Azure — OpenBlue) Medium confidence
    JCI's smart-building platform OpenBlue runs on Azure — for Microsoft, Azure demand carrying building/industrial IoT and generative-AI workloads, and an industrial reference case.
    Confirms EN Memoori Published Jan 15, 2026: Johnson Controls AI strategy — OpenBlue built on a Microsoft Azure co-development partnership
  • Snowflake Low confidence
    Azure for Snowflake multi-cloud.
    Confirms EN Yahoo Finance Published Dec 1, 2025: Snowflake rides strong AI demand (Cortex, NVIDIA)

Pays to

  • NVIDIA High confidence· Units 485,000 (est.) · CY2024 · Omdia estimate
    Nvidia’s largest Hopper GPU buyer: about 485k units (H100/H200) in 2024, roughly double the next biggest (Omdia estimate).
    Mentions EN SEC / Microsoft Published Jul 30, 2025: Microsoft FY2025 Form 10-K
    Confirms EN heise online Published Dec 19, 2024: Microsoft buys most Nvidia accelerators (Omdia estimate)
    Mentions KO M Today Accessed Jun 20, 2026: Microsoft to phase out Nvidia chips, deploys its own Maia 200 AI chip in 2026
  • AMD High confidence
    Runs Azure OpenAI Service (GPT-3.5/4) and Copilot on AMD Instinct MI300X; offers ND MI300X v5 VMs.
    Confirms EN AMD Investor Relations Published May 21, 2024: AMD Instinct MI300X Accelerators Power Microsoft Azure OpenAI Service Workloads
    Confirms KO Seoul Economic Daily Accessed Jun 20, 2026: AMD: AI chip MI300X counts OpenAI, Meta, Microsoft among customers
  • TSMC High confidence
    Has its own Maia AI chips (Maia 100/200) fabricated at TSMC on N5 with CoWoS-S packaging; Maia 100 carries 64GB HBM2E.
    Confirms EN ServeTheHome Published Aug 26, 2024: Microsoft Maia 100 AI Accelerator for Azure
    Confirms KO M Today Accessed Jun 20, 2026: Microsoft to phase out Nvidia chips, deploys its own Maia 200 AI chip in 2026
  • Credo Technology High confidence
    Purchases AI interconnect (AEC, PAM4) from Credo.
    Confirms EN Quartz Published Jan 1, 2025: Credo growth in AI interconnects
    Confirms EN SEC EDGAR Published Jun 1, 2024: Credo Technology Form 10-K
  • Arista Networks High confidence
    Buys AI datacenter Ethernet switches from Arista Networks.
    Confirms KO ITWorld Published Aug 1, 2025: Meta builds high-speed Ethernet AI clusters with Arista
    Confirms EN SEC EDGAR Published Feb 18, 2025: Arista Networks Form 10-K
    Confirms EN Arista Published Feb 18, 2025: Arista Q4 and full-year 2024 results ($7B)
  • Constellation Energy High confidence
    Sources datacenter power from Constellation nuclear under a 20-year PPA.
    Confirms KO Edaily Published Sep 21, 2024: Largest US nuclear operator restarts Three Mile Island for Microsoft
    Confirms EN SEC EDGAR Published Sep 20, 2024: Constellation–MS Three Mile Island PPA (8-K)
  • IREN High confidence
    Rents GB300 AI cloud from IREN ($9.7B).
    Confirms EN GlobeNewswire Published Nov 3, 2025: IREN secures $9.7B AI cloud contract with Microsoft
  • Nebius Group High confidence
    Sources AI compute from Nebius ($17-19B).
    Confirms EN SEC EDGAR Published Nov 1, 2025: Nebius FY2025 results (6-K)
  • Digital Realty High confidence
    Leases hyperscale datacenters from Digital Realty.
    Confirms EN Global Data Center Hub Published Aug 1, 2025: Digital Realty $9B pipeline and hyperscale fund
  • Brookfield Asset Management Ltd. Medium confidence· Amount 10.5 GW · 2026-2030 · renewable procurement framework
    Microsoft procures 10.5 GW of renewable power from Brookfield across the US and Europe in 2026-2030 under a framework worth more than $10 billion, to power its AI data centers.
    Confirms EN GlobeNewswire Published May 1, 2024: Brookfield and Microsoft Collaborating to Deliver Over 10.5 GW of New Renewable Power Capacity Globally
  • Seagate Technology Medium confidence
    Seagate nearline HDDs for AI data storage.
    Confirms EN AlphaStreet Published Jan 1, 2026: Seagate AI-storage capacity story (HAMR)
  • Astera Labs Medium confidence
    A key hyperscaler customer buying PCIe/Ethernet retimers and fabric connectivity directly (concentrated customer base).
    Confirms EN SEC EDGAR Published Feb 10, 2026: Astera Labs Form 10-K (FY2025)
  • Intel Medium confidence
    Buys Intel Xeon CPUs for Azure servers; the ND MI300X v5 VM uses 4th-gen Xeon as host CPU.
    Mentions EN AMD Investor Relations Published May 21, 2024: AMD Instinct MI300X Accelerators Power Microsoft Azure OpenAI Service Workloads
  • Marvell Medium confidence
    Cited as a hyperscaler custom-silicon partner (specific program and volume undisclosed); attribution kept cautious.
    Mentions KO Korea Economic Daily Published Apr 14, 2026: Marvell supplies custom AI silicon to hyperscalers
  • Quanta Computer Medium confidence
    Sources GB200 AI servers from Quanta.
    Confirms EN TweakTown Published Aug 1, 2024: NVIDIA GB200 AI servers: Foxconn 40%, Quanta 30%
  • Foxconn (Hon Hai) Medium confidence
    Orders GB200 AI racks for Azure (Foxconn-assembled).
    Confirms EN CNBC Published Dec 5, 2025: NVIDIA partner Foxconn reports 26% revenue spike on AI boom
  • Western Digital Medium confidence
    WDC nearline for AI-datacenter mass storage.
    Confirms EN MLQ Published Jan 1, 2026: WDC 2026 HDD production sold out (AI datacenters)
  • CoreWeave Medium confidence
    Rents GPU-cloud compute from CoreWeave.
    Confirms KO ZDNet Korea Published Sep 16, 2025: NVIDIA-fueled CoreWeave triples since IPO
  • IonQ Medium confidence
    Hosts IonQ QPUs on Azure Quantum.
    Confirms EN Quantum Zeitgeist Published Jan 1, 2026: Trapped-ion quantum (IonQ AWS, Azure, NVIDIA)
  • Wiwynn Medium confidence
    Supplies AI servers to Microsoft (Wiwynn ODM).
    Confirms EN TrendForce Published May 5, 2025: MS/Meta AI spend lifts NVIDIA ODM Wiwynn
  • Eaton Medium confidence
    Sources datacenter power/UPS from Eaton.
    Confirms EN SEC EDGAR Published Oct 30, 2025: Eaton quarterly results (8-K)
    Confirms KO TheElec Published Jan 1, 2024: Eaton targets Korean datacenter market with power solutions
  • Schneider Electric Medium confidence
    Sources datacenter power/cooling from Schneider.
    Confirms EN Schneider Electric Published Apr 30, 2026: Schneider Electric Q1 revenue release
    Confirms EN DCD Published Sep 1, 2025: Schneider co-develops GB200 NVL72 reference design with NVIDIA
  • GE Vernova Medium confidence
    Sources datacenter power/grid gear from GE Vernova.
    Confirms EN SEC EDGAR Published Feb 1, 2026: GE Vernova 2025 annual report (ARS/10-K)
    Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis
  • Vertiv Medium confidence
    Sources datacenter power/cooling from Vertiv.
    Confirms EN Vertiv Published Oct 17, 2024: Vertiv co-develops GB200 NVL72 power/cooling blueprint with NVIDIA
  • Ciena Medium confidence
    Sources inter-datacenter optical (DCI) from Ciena.
    Confirms KO Ciena KR Published Jan 1, 2026: Ciena global DCI (datacenter interconnect)
  • Caterpillar Medium confidence
    Sources datacenter backup power from Caterpillar and others.
    Confirms EN Manufacturing Dive Published Apr 30, 2026: Caterpillar to triple power generation, raises 2030 targets
  • Cummins Medium confidence
    Backup gensets to Microsoft datacenters.
    Confirms EN Manufacturing Dive Published Apr 30, 2026: Caterpillar to triple power generation, raises 2030 targets
  • Super Micro Medium confidence
    AI servers to Microsoft.
    Confirms EN Manufacturing Dive Published Apr 30, 2026: Caterpillar to triple power generation, raises 2030 targets
  • Sumitomo Electric Medium confidence
    Optical fiber/cable to Microsoft datacenters.
    Confirms EN Manufacturing Dive Published Apr 30, 2026: Caterpillar to triple power generation, raises 2030 targets
  • ABB Medium confidence
    Datacenter electrification to Microsoft.
    Confirms EN Manufacturing Dive Published Apr 30, 2026: Caterpillar to triple power generation, raises 2030 targets
  • Equinix Medium confidence
    Leases AI-datacenter space from Equinix and others.
    Confirms EN MarketWise Published Jan 1, 2026: Best data-center REITs for the AI boom (EQIX, DLR)
  • memory · HBM (SK hynix · Samsung · Micron) Low confidence
    Buys server DRAM/SSD and Maia HBM2E from the three memory makers (specific supplier and volume undisclosed).
    Mentions EN ServeTheHome Published Aug 26, 2024: Microsoft Maia 100 AI Accelerator for Azure

Investors

  • BlackRock High confidence· 100$B · AIP total investment potential
    Microsoft is an AIP co-founding partner, co-investing with BlackRock/GIP and MGX in AI data centers and power infrastructure.
    Confirms EN Microsoft Published Sep 17, 2024: BlackRock, GIP, Microsoft and MGX launch new AI partnership to invest in data centers

Investments

  • OpenAI High confidence
    Microsoft is OpenAI’s largest investor (Azure, profit share).
    Confirms EN CNBC Published Oct 28, 2025: OpenAI completes for-profit restructuring — Microsoft 27% stake (~$135B), $250B Azure, tech rights to 2032
    Mentions EN SEC / Microsoft Published Jul 30, 2025: Microsoft FY2025 Form 10-K

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
Nestlé S.A.lead2+22.1-4.2-9.3-18.8-1.8+17.9
E-mart Inc.lead2-18.4-19.5-25.3-14.6+44.7-7.8
Starbucks Corplead1+11.1-13.2-1.2-2.5-5.3+27.4
Johnson Controlslead1+77.4-19.3-7.6+39.8+53+20
Snowflakelead1+20.4-57.6+38.6-22.4+42.1+19.2
Costco Wholesalelead1+51.8-19+49+39.6-5.4+6.6
Walmart Inclead1+2-0.5+12.9+74+24.5+2.6
ServiceNowlead1+17.9-40.2+82+50.1-27.7-29.7
Microsoftnode+52.5-28+58.2+12.9+15.6-20
Western Digitalbenef1+17.7-51.6+66+13.9+283.7+238.4
Seagate Technologybenef1+87.5-51.4+69.1+4.1+225.3+231.4
Intelbenef1+6.1-46.6+94.6-59.6+84+197.7
Marvellbenef1+84.6-57.5+63.7+83.8-22.8+177.8
AMDbenef1+56.9-55+127.6-18.1+77.3+160.5
Astera Labsbenef1····+25.6+148.2
Cienabenef1+45.6-33.8-11.7+88.4+175.8+97
Vertivbenef1+33.8-45.3+251.8+136.8+42.8+96.9
Credo Technologybenef1··+46.3+245.2+114.1+79.2
GE Vernovabenef1····+99+67.3
Caterpillarbenef1+16+18.6+25.9+24.7+60.3+67
Wiwynnbenef1+24.7-22.3+206.4+3.5+64.4+45.1
Arista Networksbenef1+97.9-15.6+94.1+87.7+18.5+42.7
Equinixbenef1+20.3-21.1+25.4+19.5-16.9+38.6
Quanta Computerbenef1+22.2-12.8+254.5+12.7+8.9+33.4
Cumminsbenef1-1.7+14.1+1.7+48.9+49.4+33.3
Eatonbenef1+46.7-7.2+56.2+39.5-2.8+28.6
NVIDIAbenef1+125.5-50.3+239+171.2+38.9+13.3
Schneider Electricbenef1+25.9+1.6+25.8+36.1+0.5+13
Foxconn (Hon Hai)benef1-5.1+2.8+7.8+80.1+26.9+10.9
IRENbenef1·-92.3+472+37.3+284.6+8.9
Super Microbenef1+38.8+86.8+246.2+7.2-4-3.3
IonQbenef1·-79.3+259.1+237.1+7.4-4.5
Brookfield Asset Management Ltd.benef1··+45.6+39.7-0.2-9
Constellation Energybenef1··+37.2+92.7+58.8-28.6
AT&Sbenef2+57.5-22-27.6-41.3+188.9+390.3
Dell Technologiesbenef2+51.2-26.6+95.9+53+11.2+248.1
Murata Manufacturingbenef2-14-11.7+24.7-16.5+29.9+217.4
Nan Ya PCBbenef2+110.6-46.7-0.5-38.3+188.2+213.4
Bloom Energybenef2-23.5-12.8-22.6+50.1+291.2+181.5
ASE Technologybenef2+38.3-12.8+60.9+10.1+65.6+167.6
Nebius Groupbenef2····+202.2+162.4
Ibidenbenef2+30.4-19.6+51.6-38.6+261+147.1
SK hynixbenef2-0.4-25.6+53.9+48.6+361.1+140.3
Unimicronbenef2+133.5-30.2+35.2-19.7+175.7+131.6
Corningbenef2+5.9-11.6-1.2+60.6+87.8+118.8
Lumentumbenef2+11.6-50.7+0.5+60.1+339.1+117.6
GlobalFoundriesbenef2·-17.1+12.5-29.2-18.6+97.8
Samsung Electronicsbenef2-9-14.2+20.9-26.4+212.9+77.9
onsemibenef2+107.5-8.2+33.9-24.5-14.1+77.2
Coherentbenef2-10-48.6+24+117.6+94.8+75.8
Eoptolinkbenef2-10.1-27.7+136.6+197+368.8+74.9
InnoLightbenef2-30.7-18.3+253.7+12+468.1+68.8
Keysight Technologiesbenef2+56.3-17.2-7+1+26.5+58.5
Sumitomo Electricbenef2+11.4+6.3+30.8+52.9+139+55.3
Delta Electronicsbenef2-3.4+10.4-0.3+59.2+183.8+54.9
Monolithic Powerbenef2+35.5-27.8+79.8-5.6+54.5+49.8
Analog Devicesbenef2+21-4.9+23.4+8.8+29.8+46.7
ABBbenef2+23.9+7.3+18.9+39+36.1+27.2
Pegatronbenef2-5.9+0.6+35.3+21.2-23.8+24
Luxshare Precisionbenef2-11.9-30.2-21.2+58.8+29.3+20.6
Digital Realtybenef2+30.7-41+39.9+35.9-10.1+18.2
Amphenolbenef2+34.9-12+31.5+41.3+96.1+18.1
Nikonbenef2+46.2+10.9+23.1+13.7+19.7+15.9
FANUCbenef2-16.5+4.4-8.1+15.6+37.7+15.3
Wistronbenef2+7.9+9.7+272.7-1.6+22.7+14.8
Camecobenef2+63.2+4.3+90.5+19.5+78.4+4.9
King Yuan Electronics (KYEC)benef2+26.7-7.7+132.4+38.6+171+4.2
BlackRockbenef2+29.4-20.4+17.9+29.3+6.6-2.1
Hoya Corporationbenef2+10.8-3+34.4+11.3+24.9-2.9
Phison Electronicsbenef2+26.8-10.7+45.1-6.7+418.3-6
Mobileyebenef2··+23.6-54-47.6-8.5
TE Connectivitybenef2+35.1-27.7+24.6+3.5+61.1-11.3
Recursion Pharmaceuticalsbenef2·-55+27.9-31.4-39.5-13
D-Wave Quantumbenef2·-85.3-38.9+854.5+211.3-23.2
Rigetti Computingbenef2·-92.9+35.1+1449.2+45.2-25.3
Oklobenef2·+0.7+6.5+101+238-31.9
BYD Electronicsbenef2-56.1+16-0.4+60.6-19.4-34.4
UBTech Roboticsbenef2···-21.6+95.4-39.2

YTD as of 2026-07-10 · source: Yahoo Finance

A big-tech operator of Windows, Office and Azure that, to expand AI data centers, raised FY2025 cash capex about 45% in one year to $64.6B — the ultimate demand sink for AI chips and power. As Nvidia's largest Hopper GPU buyer (485k units in 2024) it also broadens supply with AMD MI300X and its own Maia silicon (TSMC N5, CoWoS-S) to lower single-vendor dependence, supplies Azure exclusively to OpenAI ($250B commitment), and even rents neocloud capacity from CoreWeave, Nebius and IREN to expand. The watch points are how fast this vast capex is recovered through Azure and Copilot revenue, and the power bottleneck it secures via nuclear PPAs (Constellation, 20 years). On the graph, this node is the common demand apex across GPUs, servers, connectivity and power, where the whole AI-infrastructure chain's ripple converges.

Analysis generated from returns as of 2026-07-09

Analyst ratings

Consensus: Buy 4 · Hold 1 · Sell 0 · Avg. target $578 · Price $385.1 (07-10) · Upside +50%

BrokerRatingTargetPublished
Stifel Nicolaus · Brad RebackHold$400Jun 25, 2026Report ↗
Bernstein · Mark MoerdlerBuy$646Jun 11, 2026Report ↗
Citigroup · Tyler RadkeBuy$620Jun 5, 2026Report ↗
Wells Fargo · Michael TurrinOverweight$650Jun 1, 2026Report ↗
Wedbush · Dan IvesOutperform$575May 13, 2026Report ↗

Stays cautious on full valuation and heavy AI capex intensity; at $400 it is the most conservative target among major-broker coverage.

Analyses covering this node

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