Microsoft’s earnings window puts Azure acceleration and AI infrastructure spending at the center of the next update. Copilot adoption supports cloud growth, while heavier investment pressures free cash flow and raises return hurdles. Can monetization keep pace with capacity buildout?Microsoft’s earnings window puts Azure acceleration and AI infrastructure spending at the center of the next update. Copilot adoption supports cloud growth, while heavier investment pressures free cash flow and raises return hurdles. Can monetization keep pace with capacity buildout?