Stephanie Walter with HyperFRAME Research says the most interesting takeaway from Microsoft (MSFT) earnings is how it can extend AI revenue opportunities beyond Azure cloud. She adds that existing partnerships offer a wide moat to maximize opportunities through evolving tech. Futurum president Dan O'Brien explains how Azure growth cements the bull case in AI CapEx even as the Mag 7 giant's spending normalizes. Expectations for positive free cash flow in 2027 is something he believes backs Microsoft's "conservative" CapEx.