$281b From One Customer

Microsoft's Q2 FY2026 earnings reveal that OpenAI represents a single customer worth $281b in commercial remaining performance obligation (RPO), representing 45% of Microsoft's total commercial RPO and demonstrating extreme customer concentration risk. Despite beating earnings expectations with 17% revenue growth and 39% Azure growth, Microsoft faces capacity constraints in its cloud infrastructure and is accelerating AI-driven revenue through token processing and Copilot adoption. The article illustrates how even the world's largest technology companies face concentration risk and highlights the insatiable demand for AI inference capacity.