Microsoft’s stock price has risen so much today that it has passed a $4 trillion market valuation for the first time in its 50-year history. The software maker is the second company to be valued at $4 trillion, after Nvidia reached a market cap of over $4 trillion earlier this month.

Microsoft has reached this milestone thanks to better-than-expected earnings, and the company reporting its Azure revenue for the first time. Microsoft revealed last night that its Azure cloud computing business had generated more than $75 billion during its 2025 fiscal year, and the company’s stock price immediately started soaring in after-hours trading on the Nasdaq. Microsoft’s share price is up around 4 percent today, helping it maintain its $4 trillion market valuation.

Microsoft has spent more than a decade building up its Azure cloud business, which is ahead of Google’s in revenue but still second place to Amazon Web Services. Azure now touches every corner of Microsoft’s businesses, including powering its AI projects, its Office software, parts of Windows, Xbox, and more.

Microsoft’s investment in cloud computing has positioned it well to take advantage of the computing needs for the future of AI, too. Earlier this year there were plenty of questions over the $100 billion investment into The Stargate Project, and Microsoft CEO Satya Nadella was quick to defend the company’s own $80 billion spend on cloud and AI data center projects. “All I know is, I’m good for my $80 billion,” said Nadella at the time.

Microsoft CFO Amy Hood revealed yesterday that Microsoft is now planning to spend $30 billion on its AI infrastructure investments in the next quarter. If Microsoft keeps up that level of spending then the company will total $120 billion or more on cloud and AI infrastructure over the next fiscal year.