"Analyst research estimated OpenAI was responsible for roughly half of Azure’s $30 billion in year-over-year growth, and investment bank Stifel’s Brad Reback flagged in his investment thesis that the relationship is becoming less competitively additive as Google follows hard on Azure’s heels. Not to mention, Azure has long chased Amazon Web Services for customers and market share. Yet BNP Paribas senior equity research analyst Stefan Slowinski estimated the $24.1 billion as less than a quarter (23%) of Azure’s revenue, and noted that Microsoft has a path to keeping Azure’s growth above 40% as it phases in consumption-based pricing across its Copilot product offerings. "