BofA Securities analyst Tal Liani maintained a Buy rating on Microsoft, asserting that the tech giant's massive AI spending has begun translating into stronger growth. Microsoft's fiscal year 2026 capital expenditures reached nearly $116 billion, a 79.62% jump driven by cloud and AI infrastructure. Azure's annual revenue surpassed $100 billion for the first time in FY2026, with growth accelerating from 39% in Q3 2026 to 43% in Q4 2026. Paid M365 Copilot seats exceeded 30 million, with net additions more than doubling quarter-over-quarter. CFO Amy Hood guides capital expenditures near $175 billion.