Rui Shao Event Insight | Microsoft FY26 Q4, Stamped Token Monetization?

English summary

### Rui Shao Event Insight | Microsoft FY26 Q4, Stamped Token Monetization? Time: 2026-07-31 19:36:59 Content: From one earnings report, see the real inflection point of AI commercialization. On July 30, Microsoft released FY26 Q4 earnings. The market was focused on the pretty numbers of +18% revenue and +32% EPS, but what's truly worth noting is the statement hidden inside—"We are restructuring the AI business: multi-model + self-developed chips + usage-based pricing." This is not a platitude; it marks the formal validation of token monetization (billing based on actual computing consumption) by a major company's earnings. This article explains it clearly. 1. Microsoft's earnings report itself tells this story: The most critical thing in Microsoft FY26 Q4 (released 7/30) is not revenue growth, but Azure +43% (3-4pct above guidance, fastest since early 2022), and Azure revenue in FY2026 exceeded $100 billion for the first time; ...