Microsoft Q1 revenue hits $92.3B, Azure up 48%

The signal here is less the top-line beat than the composition: Azure at 48% and commercial RPO up 73% to $677 billion point to demand booked well beyond the quarter, not just consumed in it. Capital expenditures of $39.4 billion against $36.6 billion of net income show how heavily Microsoft is converting earnings into infrastructure, which ties the AI trade's durability to continued cloud capacity buildout. For crypto and RWA markets, the read-through is indirect but relevant: hyperscaler capex is a proxy for AI compute demand that tokenized infrastructure and data-center-linked RWA narratives lean on. Whether that capex-to-revenue ratio holds is the open question.