Microsoft logs $3.2B from Anthropic investment, but OpenAI was a mixed bag
When Microsoft reported killer fourth-quarter earnings for its fiscal 2026 year (which ended June 30), it tucked in an interesting little tidbit about how its investments in the two biggest, and competing, AI labs are doing.
When Microsoft reported killer fourth-quarter earnings for its fiscal 2026 year (which ended June 30), it tucked in an interesting little tidbit about how its investments in the two biggest, and competing, AI labs are doing.
For the quarter, it recorded its investment in Anthropic as a $3.2 billion gain , boosting diluted earnings per share by 33 cents. (Microsoft reported diluted earnings per share of $4.81 for the quarter). Microsoft invested $5 billion in Anthropic in November 2025 as part of a circular agreement under which the AI lab also agreed to buy $30 billion worth of Azure services.
Microsoft does not routinely update the value of its Anthropic investment each quarter. It does, however, discuss its OpenAI investment quarterly. Microsoft said investment did not fare nearly as well in the quarter, and marked it down about $600 million , reducing diluted EPS by about 7 cents per share.
Microsoft owns about 27% of OpenAI . And while Microsoft also receives revenue-share payments, it doesn’t report how much OpenAI pays under that arrangement. Instead, Microsoft accounts for the value of its investment. While this quarter brought a pretty sizable decline in the value of that investment, the $600 million write-down was still mostly a rounding error for Microsoft. The company delivered a highly profitable quarter, reporting $90 billion of revenue and net income of $35.8 billion for the quarter. Microsoft’s revenue was $331.8 billion with a net income of $133.7 billion for the year.
Microsoft’s OpenAI investment looks much better when viewed on a full-year basis.
For the year, Microsoft’s OpenAI investment generated a $5 billion gain and added $0.67 on EPS, respectively, the company reported. (Microsoft reported $17.95 EPS for its fiscal year.) Still, it is noteworthy that Microsoft reported nearly as much of a gain on Anthropic in one quarter as it did for the year on OpenAI. In fact, it is so noteworthy that Microsoft disclosed it.
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Key takeaways
- Microsoft recorded a significant gain with Anthropic, highlighting the importance of diversification in AI investments.
- Competition in the AI sector is intensifying, which may impact the startup ecosystem in Brazil.
- Despite the depreciation, the investment in OpenAI still generated significant gains over the year, indicating that strategic partnerships are essential.
Editorial analysis
The recent disclosure of Microsoft's financial results, particularly regarding investments in Anthropic and OpenAI, raises important questions for the tech sector in Brazil. The significant difference between the gains from Anthropic and the depreciation of OpenAI may indicate a shift in market dynamics and investor preferences regarding AI companies. For Brazil, where the AI startup ecosystem is growing, this situation can serve as a warning about the importance of diversification and careful evaluation of strategic partnerships.
Furthermore, Microsoft's recording of a $3.2 billion gain with Anthropic in a single quarter demonstrates that competition in the AI sector is intensifying. This competition is not limited to large companies but also extends to startups and new entrants in the market. Brazil, with its innovative potential, should observe how these international movements can influence local investment in technology and AI, especially in a scenario where collaboration and competition coexist.
Another important point to consider is the relationship between Microsoft and OpenAI. Despite the recent depreciation, the investment in OpenAI still generated a significant gain over the year. This suggests that while Microsoft is diversifying its bets in AI, the partnership with OpenAI remains a key piece of its strategy. For Brazil, this may mean opportunities for local companies looking to align with major global players, leveraging the expertise and resources available.
Finally, the current situation raises questions about how Brazilian tech companies can position themselves in an increasingly competitive market. The need for constant innovation and the ability to adapt to market changes will be crucial for the success of Brazilian startups in the global AI landscape. Closely monitoring the movements of giants like Microsoft can provide valuable insights for developing effective local strategies.
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