Microsoft shares rose approximately 37% from late June to late September 2026, climbing from roughly $372 to around $509 in what would be the company’s strongest quarterly performance since 1998. The rally followed its July 29 fiscal fourth-quarter 2026 report, which showed revenue of $90.0 billion, up 18% year over year, and GAAP net income of $35.8 billion, up 31%. Azure revenue grew 43%, ahead of the roughly 40% analyst consensus and marking its fastest growth since early 2022. Azure’s annual revenue surpassed $100 billion for the first time, while Microsoft’s broader cloud business reached $59.3 billion, up 27%. The stock jumped roughly 15% to 16% on July 30, adding approximately $450 billion to Microsoft’s market capitalization in one session, the largest single-day increase in U.S. market history. Microsoft 365 Copilot, its AI-assisted productivity suite, surpassed 30 million paid seats. The company kept its annual capital expenditure guidance at $175 billion and forecast Azure growth of approximately 45% for the next quarter. The outlook places pressure on Amazon Web Services and Google Cloud, while the sustainability of Microsoft’s valuation above $509 depends on Azure’s forecast growth and continued Copilot adoption.