PYMNTS.com July 30, 2024
Microsoft is doubling down on artificial intelligence (AI) as a driver of growth. During the company’s fiscal fourth-quarter earnings call on Tuesday (July 30), executives described surging demand for AI services across its cloud and software portfolio.
The tech giant reported that Azure AI, its cloud-based AI platform, grew 30% year-over-year and now accounts for 8 percentage points of Azure’s overall growth. This comes as Microsoft grapples with capacity constraints in meeting the explosive demand for AI services.
“Azure growth included eight points from AI services, where demand remained higher than our available capacity,” said Amy Hood, Microsoft’s chief financial officer. She added that the company expects “Azure growth to accelerate as our capital investments create an increase in available...
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