Microsoft gains $3.2B on Anthropic, OpenAI disappoints

Microsoft reported a $3.2 billion gain on its Anthropic investment in Q4 of fiscal 2026, boosting earnings per share by 33 cents. The company invested $5 billion in Anthropic in November 2025 as part of a deal that also saw the AI lab commit to $30 billion in Azure services. By contrast, Microsoft's OpenAI investment was written down by $600 million for the quarter, though it generated a $5 billion gain for the full fiscal year. The near-equal single-quarter Anthropic gain versus the full-year OpenAI gain was significant enough that Microsoft chose to publicly disclose it.