Microsoft is set to announce its fiscal Q4 2024 financial results on July 30, after the market close, a report that will be closely watched by the market for insights into AI adoption rates."Our checks for Microsoft have been robust this quarter again as we believe the AI tidal wave with Redmond in the driver's seat is accelerating cloud deal flow for Azure with strong momentum into the rest of 2024/2025,” they said in a note.
Wedbush believes that the Intelligent Cloud is likely to be a key area of upside. The most critical metric will be Azure growth, with the Street's target set at 30%, a figure analysts think Microsoft can exceed given the high level of deal activity from its core enterprise customers. Their research indicates that over the next three years, more than 70% of Microsoft's installed base will adopt AI-driven functionality, fundamentally altering the landscape for the company.
Furthermore, the firm estimates that for every $100 spent on Azure cloud services in recent years, there will be an additional $40 allocated to AI spending moving forward.
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