MSFT GOOGL SNAP Thoughts

MSFT (+4%) - Let’s just focus on what’s important: Azure…MSFT nice acceleration in Azure to 28% as we called out in our preview vs bogey of 26% and guide to 26-27% cc. So Q4 they guided 25-26% came in at 28% on a 4 pt easier comp. Q1 is an 8 pt easier comp, so I don’t think 30% is not out of the question for Q1 and is my guess where buyside is going to settle at after tonight. They called out optimizations continuing and AI providing 300bps of growth vs 100bps last q , so easy to extrapolate and lets say 400bps next q, which should give them even more wiggle room to hit that 30% number. Only pushback/nitpick is they suggested Azure growth could remain roughly stable in 2H vs Q2 growth rate and some hoping for continued acceleration given easy comps and benefit from AI which at this trajectory likely to be 500bps+. Should we believe that? I don’t totally buy it - they always sandbag and it just doesn’t seem to make sense given where numbers are unless they are seeing some sort of bi…