$281B FROM ONE CUSTOMER

Summary from the TLDR AI newsletter

Microsoft's Q2 FY2026 earnings beat expectations across revenue, earnings per share, and Azure growth, yet the stock fell 11% after earnings. Demand is outpacing Microsoft's ability to build, so the company is accelerating its spending. Microsoft's commercial remaining performance obligation surged to $625 billion in Q2, with $281 billion coming from OpenAI, a substantial risk. Microsoft's strength indicates an insatiable demand for inference and increasing customer concentration risk for even the largest businesses in the world.