Microsoft's cloud business growth exceeded expectations, and spending on AI reached a record high.

Microsoft announced in its fourth quarter financial report that its cloud business growth exceeded expectations, and it stated that spending on artificial intelligence infrastructure hit a record high. Microsoft said in its report on Wednesday that sales in the highly anticipated Azure cloud computing division grew by 39% in the fourth quarter; the company also stated that sales in the cloud computing division grew by 34% in the year ending June 30, reaching over $75 billion, marking the first time Microsoft has disclosed revenue data for Azure. Following the release of the financial report, Microsoft's stock surged approximately 7% in after-hours trading. In recent years, Microsoft has deployed artificial intelligence tools in its products, including tools supported by ChatGPT maker OpenAI, betting that conversational chatbots and more powerful automation technologies will drive sales growth for its productivity software and cloud services.