The Better AI Cloud Stock: Microsoft or Amazon?

Microsoft Azure cloud services revenue grew 40% year over year in Q3 2026, outpacing Amazon AWS's growth. Microsoft total cloud revenue reached $54.5 billion, up 29%, with AI business hitting $37 billion annual run rate. Commercial remaining performance obligations rose 99% to $627 billion. Azure's operating margin was 46.3% in the quarter, up from 45.7% the prior year.