After being 'superficially harmonious but actually at odds' with OpenAI, is Microsoft still appealing?

On October 30th, after the U.S. stock market closed, $Microsoft(MSFT.US) released its financial report for the first quarter of fiscal year 2026, ending in September. Overall, Microsoft's performance this quarter was impressive, with almost no flaws, and most indicators exceeded expectations. The issue is that as the most unanimously favored target, the market has very high expectations for Microsoft. It can be said that a significant outperformance is needed to surprise the market again. Moreover, the core Azure growth this quarter did not exceed the expectations of buyers, leading to a lukewarm market reaction to Microsoft's performance this quarter.

1. No Surprise from Azure: The most watched Azure business reported a 40% year-over-year revenue growth this quarter, with a growth rate of 39% excluding currency effects, consistent with the previous quarter on a constant currency basis.

Although this is better than the company's guidance of approximately 37% growth on a constant currency basis, pre-earnings expectations from sellers had already raised Azure's growth expectations to 39%~40%, with more optimistic buyers expecting growth to be 1~2 percentage points higher. Therefore, Azure's performance this quarter cannot be considered exceptionally strong beyond expectations.

Considering that the significant outperformance of Azure in the previous two quarters was more due to "abnormally" strong non-AI demand, as noted in some sell-side reports, it is indeed easy for non-AI demand to continue to rise on this basis. Additionally, the degree of binding between OpenAI and Azure has decreased, which may have weakened the impact on Azure AI-related revenue. These two factors may be reasons why Azure did not have a surprise this quarter.

2. Price Increases Drive Good Growth in Office Business: In the productivity segment, the main Office business, including both enterprise and consumer versions of Office 365, relied on price increases to offset the slowdown in user growth, maintaining good growth.

Specifically, the second most important commercial Microsoft 365 cloud service saw a 17% revenue growth this quarter, with a slight narrowing of 1 percentage point in both variable and constant currency terms compared to the previous quarter, showing stable performance. Among them, the number of subscription seats increased by 7% year-over-year, remaining flat compared to the previous quarter. The average customer price increased by more than 10% year-over-year.

Similarly, the consumer M365 business, thanks to the benefit of the first price increase in 12 years for the consumer version of Office in January this year (ranging from 30% to 50%), also saw an acceleration in revenue growth to 28% despite the slowdown in user growth.

3. Capex Surges Again: This quarter, Microsoft's Capex (including leases) reached $34.9 billion, increasing by more than $10 billion from the previous quarter, setting a new historical high. Although the market had generally expected Microsoft's Capex spending to increase again this quarter, with expectations set at around $30 billion, the actual figure still exceeded expectations.

Structurally, the company stated that nearly half of this quarter's Capex was invested in short-life equipment such as GPUs and CPUs, marking the beginning of a peak period for chip procurement by Microsoft. Additionally, this quarter's leasing capital expenditure was also as high as $11.1 billion, a year-over-year increase of 71%, indicating that Microsoft is opting for more external leasing rather than self-building for long-life assets such as data centers.

This is a positive signal (verification) for upstream chip companies and service providers offering data center leasing.

4. Overall Performance Exceeds Expectations in Both Revenue and Profit: Summarizing the performance of each segment, Microsoft's overall revenue this quarter was $77.7 billion, a year-over-year increase of 18%, showing a generally stable trend compared to the previous quarter with a slight acceleration, and significantly exceeding the company's guidance and sell-side consensus expectations.

Profit performance was even more outstanding, with efficiency improvements and cost control offsetting the decline in gross margin caused by depreciation, resulting in a 2.3 percentage point year-over-year increase in Microsoft's overall operating profit margin this quarter. The final operating profit was $38 billion, a year-over-year increase of 24%, significantly outpacing revenue growth.

5. Leading Indicators Surge, but There May Be a "Bubble": In addition to the good performance this quarter, leading indicators showed that the amount of new enterprise contracts signed this quarter surged by 112% year-over-year, driving the growth rate of the backlog of enterprise contracts to 51%, increasing by $24 billion from the previous quarter.

However, although the forward-looking indicators appear very strong, they are mainly attributed to large commitment contracts signed by OpenAI and Azure (excluding the $250 billion commitment signed a few days ago). Considering that OpenAI is signing large framework orders everywhere but currently has limited self-sustaining capability, Dolphin remains cautious about whether these orders can be fully converted in the medium to long term, and cannot "take it too seriously."

6. Price Increases, Efficiency Improvements, and Cost Control Drive Profit Margin Improvement: Despite the continued increase in Capex, Microsoft's profit margin exceeded expectations by not decreasing but increasing this quarter. This is attributed to Microsoft's recent price increases across multiple business lines, efficiency improvements at the company level with the help of AI, and good cost control.

This quarter, Microsoft's gross margin was 69%, although it did decrease by 0.4 percentage points year-over-year, it was 1.5 percentage points higher than Bloomberg's expectations. Meanwhile, the total operating expenses increased by only 4.9% year-over-year, compared to 5.8% in the previous quarter, continuing to narrow, and far below the revenue and gross profit growth rate of about 18%, resulting in a 2 percentage point dilution in the expense ratio as a percentage of revenue year-over-year.

Dolphin's View:

1. Almost Flawless Performance This Quarter

In summary, Microsoft's performance this quarter was almost flawless. Although there was no particularly surprising performance, both revenue and profit growth exceeded sell-side consensus expectations, and the profit margin increased rather than decreased, driving profit growth to outpace revenue.

In core businesses, Azure growth continued to accelerate slightly, and the M365 business maintained good growth by offsetting the slowdown in user growth with price increases. Although forward-looking indicators contain some "water" from OpenAI, the strong growth in new orders and backlog is also an objective fact.

From any angle, Microsoft's performance this quarter had no obvious flaws and remains a top-tier stable delivery capability.

2. Guidance for Next Quarter Remains Stable

For the next quarter's performance, Microsoft's guidance remains consistently stable and somewhat conservative:

1) In terms of revenue, the company's guidance for total revenue growth is 15% year-over-year, roughly in line with the guidance given in the previous quarter. The growth rates for each of the three major segments are also roughly in line with the previous quarter's guidance. In other words, the company expects the subsequent business growth trend to remain at least stable compared to the current situation.

2) In terms of profit margin, the company's guidance for the next quarter's operating profit margin is 45.3%. Even according to Microsoft's conservative expectations, the operating profit margin is only expected to narrow by 0.2 percentage points compared to the same period last year. This likely means that the actual profit margin for the next quarter will still increase year-over-year. In other words, the performance trend for Microsoft in the next quarter is likely to be stable revenue growth, with profit continuing to outperform.

3. Forward-Looking Dynamics

1) In recent days, negotiations between OpenAI and Microsoft, which have significant potential impact on the entire AI industry, have achieved important phased results. In conclusion, as the relationship between OpenAI and Microsoft cools, without the exclusive support of OAI, Microsoft may need to rely more on its own R&D capabilities in AI-related functions or services, similar to Google, Meta, and Amazon. This means that Microsoft's absolute leading position in the AI field may be somewhat shaken. This may not be a good long-term signal.

Due to the extensive content involved, it is not convenient to include everything in the summary. For more details, please see the first section of the main text.

2) Another dynamic affecting short- to medium-term performance is that Microsoft has implemented a general price increase of about 10%~20% for multiple businesses starting from the fourth quarter of fiscal year 25 (natural year second quarter). This includes PowerBI, M365 on-prem, and Dynamic 365 under the productivity process segment, to offset the impact of the peak slowdown in M365 business volume growth.

Additionally, starting in November, Microsoft will reduce the price discounts provided to cloud business partners/distributors, equivalent to a double-digit percentage price increase. In other words, before the price increase dividend period ends (at least 1 year), it will support the growth of Microsoft's cloud computing and productivity process segments.

4. Valuation Perspective: As shown in the chart below, Microsoft's stock price has fluctuated within a valuation range of approximately 25x~35x forward earnings per share over the past five years. During this period, overall macro sentiment, market optimism about AI, and Microsoft's performance trends have all influenced valuation fluctuations within this range.

We directly use the performance of fiscal year 27, two years later, as a benchmark, based on Dolphin's relatively optimistic profit expectations (about 10% higher than market consensus), with Microsoft's pre-market capitalization corresponding to approximately 30x PE. Even from this perspective, Microsoft's valuation is still not considered cheap, undoubtedly containing a premium given by the market for Microsoft's certainty of benefiting from this AI wave.

Whether this valuation level and premium are reasonable is not for Dolphin to judge; investors need to consider it based on their own risk preferences. Dolphin's view is that, from a mid-term perspective, Microsoft is undoubtedly still one of the companies with the strongest certainty and execution capability in the U.S. AI industry chain. Although its revenue and profit growth are not very high, it excels in being stable enough and rarely disappointing in delivery capability.

As mentioned earlier, its initial and leading advantage in the AI field, originally obtained through OAI, may be somewhat diminished, and at a not-low valuation, it may not bring significant market-beating excess returns. However, for investors who pursue stability and want to achieve the overall average return of the AI industry, Microsoft can still be considered one of the best choices.

Below is a detailed commentary on the financial report:

I. OpenAI and Microsoft's

1. What Changes Are in the New Cooperation Terms?

To briefly summarize, the main content and changes in the newly signed cooperation relationship between OpenAI (OAI) and Microsoft are as follows:

1) After transforming OpenAI's operating entity from a "limited profit" model to a profit-oriented public company, Microsoft holds approximately 27% of the new entity. Based on the latest round of financing, with OAI valued at approximately $500 billion, Microsoft has acquired shares worth approximately $135 billion and a 27% profit/loss entitlement in OAI's operating entity. This means that the previous limit of 8x Microsoft's total investment (over $14 billion) in OAI's profits under the "limited profit" model has been lifted.

2) Microsoft's right to use OpenAI's models is extended to 2032, and even after the realization of AGI (artificial intelligence), this right will not be revoked. Under the previous contract, Microsoft did not unconditionally have the right to use OAI's models after the realization of AGI.

3) Both Microsoft and OAI have the right to independently or in cooperation with other third parties, develop AGI and other rights.

4) Any API functions developed by OpenAI can still only be exclusively provided on Azure, the only cloud service platform.

5) OAI is allowed to procure computing power from other cloud service providers, and Microsoft no longer has the right to supply computing power first. However, OpenAI has signed a cloud service contract worth approximately $250 billion with Microsoft (duration unknown), meaning that OAI will not completely transfer its computing power demand away from Azure.

6) The proportion of OpenAI's total revenue shared with Microsoft, according to media reports, may have decreased from the original 20% to below 10%. (All the above proportions are reported by the media and have not been officially confirmed)

2. Reasons and Impacts of Microsoft and OAI "Drifting Apart"?

Expanding on this, the recent back-and-forth between OpenAI and Microsoft and the clues behind the signing of the new contract mainly have two aspects: 1) OpenAI itself has the desire to adjust its operating entity from the original public welfare/non-profit organizational structure to a profit-oriented organization.

This is to facilitate future financing and even listing, and to bring more wealth returns to its shareholders, management, and employees.

2) Dolphin believes that another reason behind the "drifting apart" of OAI and Microsoft from their original close cooperation is that there are significant differences between OpenAI and Microsoft regarding the scale and pace of computing power construction in the medium to long term.

Microsoft is not so willing to cooperate with OAI's "aggressive and optimistic" vision, building a large amount of computing power facilities needed by OAI, and bearing overly heavy Capex expenditures. (The total volume of OAI's various collaborations may reach over 30GW).

From OAI's perspective, it may criticize Microsoft's slow pace of launching computing power, becoming a bottleneck and drag on OAI's development. Therefore, OAI bypassed Microsoft and directly cooperated with Oracle, AMD, Coreweave, Nvidia, and Broadcom, signing a series of computing power supply contracts.

With both parties having "little thoughts" and mutual dissatisfaction, drifting apart is not surprising but rather expected.

3. What Impact Does the Signing of the New Cooperation Agreement Have?

The most obvious impact is undoubtedly that the binding between OpenAI and Microsoft is no longer as strong. Originally, OpenAI was the largest single customer for Azure AI revenue, and subsequently, OpenAI's contribution to Azure's revenue growth may decrease. Correspondingly, Microsoft's subsequent growth in AI-related revenue will rely more on its own capabilities, including various Copilot businesses under its umbrella, and expanding AI cloud computing demand from enterprises other than OAI.

From OAI's perspective, according to news reports, as an exchange for giving up some interests to Microsoft, the proportion of revenue sharing that OAI needs to pay to Microsoft may have decreased, helping OAI save a considerable amount of cash flow, reportedly up to $50 billion. This is also quite important for OAI, which has signed contracts worth hundreds of billions of dollars and is in great need of funds.

4. Where Does OpenAI Impact Microsoft's Financial Report?

The last question is, how does the cooperation with OpenAI impact Microsoft's financial report? This can be viewed from two angles:

1) As one of OpenAI's major shareholders, Microsoft should recognize the profit/loss generated by OpenAI according to its shareholding ratio. This part is recognized in Microsoft's other income and expenses.

Excluding the part of other income and expenses from investment/interest income and expenses, the remaining part increased from a loss of just over $100 million in F1Q24~1Q26 to a single-quarter loss of approximately $4.9 billion, reflecting the rapid expansion of the loss recognized by Microsoft from OAI, which is increasingly dragging down Microsoft's overall net profit.

Based on Microsoft's then shareholding of approximately 30%~40% in OAI, it can be inferred that OAI's single-quarter loss may have approached $15 billion, and it should continue to expand.

2) From a revenue perspective, OpenAI's impact on Microsoft is more complex. First, the inference costs generated by OAI will be included in Azure's revenue. Meanwhile, OAI's training costs will be capitalized and recorded as intangible assets on Microsoft's balance sheet, affecting Microsoft's revenue statement through amortization and depreciation.

Additionally, due to the revenue sharing agreement between OAI and Microsoft, a portion of all OAI's revenue (reported to be originally 20%, which may decrease under the new contract) will also be included in Microsoft's revenue.

Based on external estimates, the revenue brought to Azure by OAI inference + Microsoft's revenue share (excluding Azure's own sales of OpenAI API and Copilot-related revenue) is approximately $10 billion annually, accounting for half or more of Microsoft's overall AI-related revenue (not just Azure AI).

Therefore, it can be seen that OAI has a moderate impact on Microsoft's performance in terms of revenue and profit/loss. Currently, as the binding between OAI and Microsoft loosens, one of the main drivers of Microsoft's AI-related, especially Azure growth, should weaken. Meanwhile, the losses caused by OAI recorded in Microsoft's other income are likely to continue to expand. However, it should also be remembered that the total amount of losses recognized by Microsoft from OAI is limited to the amount it invested in OpenAI. According to previous reports, the upper limit of recognized losses may be $14 billion or more.

II. Overview of Changes in Financial Report Disclosure

Starting from fiscal year 25, Microsoft has made significant adjustments to the departmental structure of its financial report disclosure. The overall adjustment idea is to move various 365 services for enterprises, including Commercial Office 365, Windows 365, and Security 365, from their respective original segments to the Productivity & Processes (PBP) segment. During the first adjustment in the new fiscal year 25, Dolphin Research provided a detailed interpretation, so it will not be repeated in every financial report. The chart below briefly summarizes the changes in this adjustment. For more detailed views on the scope adjustment, please see 1Q25 Review.

III. Performance of Each Segment: Overall Better Than Expected, but No Surprise from Azure

1.1 Azure Remains Excellent, but No Longer Surprising

First, the most watched Azure business reported a 40% year-over-year revenue growth this quarter, with a growth rate of 39% excluding currency effects. On a constant currency basis, it is consistent with the previous quarter, with nominal growth benefiting from favorable exchange rates. Although compared to the company's guidance of approximately 37% growth on a constant currency basis in the previous quarter, the actual performance is still better. However, after beating expectations by 3 percentage points and 4 percentage points in the previous two quarters, the market's expectations and threshold for Azure have been significantly raised.

Pre-earnings expectations from sellers for Azure's growth were 39%~40%, while buyers' expectations were 1~2 percentage points higher. Therefore, compared to the market's real expectations, Azure did not have a true surprise this quarter.

Although the company no longer discloses the respective contributions of AI and non-AI parts within Azure, based on some sell-side reports before the earnings, the significant outperformance of Azure in the previous two quarters was more attributed to the rebound in traditional demand (AI contribution growth was expected). Recently, while traditional demand remains good, the possibility of non-AI demand continuing to exceed expectations is also not high.

Meanwhile, the recent decrease in the degree of binding between OpenAI and Azure may have also weakened its impact on Azure AI-related revenue.

Overall, due to the 1 percentage point acceleration in Azure's growth rate quarter-over-quarter, and the revenue growth of server products outside of Azure also turning from decline to increase, the overall revenue of the Intelligent Cloud segment this quarter was $30.9 billion, a year-over-year increase of 28%, better than the market expectation of 2.4%.

1.2 Comprehensive Price Increases Offset Slowdown in User Growth, Productivity Segment Remains Stable

In the sub-businesses, the second most important and watched Microsoft 365 Commercial Cloud reported a 17% revenue growth this quarter, with a slight narrowing of 1 percentage point in both variable and constant currency terms compared to the previous quarter, showing stable performance.

From the perspective of volume and price, 1) the number of subscription seats for commercial M365 increased by 7% year-over-year this quarter, with growth remaining flat compared to the previous quarter; 2) the year-over-year increase in average customer price narrowed from 11.3% in the previous quarter to 10.4%.

Combining the two, in the case of Office's user penetration approaching saturation and user growth having little room for improvement, the recent price increases on multiple Office products mentioned earlier maintained the still good growth of the Office business. The fluctuations in growth this quarter are also due to slight changes in the year-over-year price increase.

In other businesses within the productivity segment, LinkedIn's revenue growth remained stable at a low level, while Dynamics' growth fell back again after the "temporary" high point in the previous quarter, with nothing particularly noteworthy.

The growth rate of the consumer M365 business accelerated to 28% this quarter. Similar to the situation with enterprise M365, the year-over-year growth in consumer users also slowed by 1 percentage point to 7% compared to the previous quarter, with the accelerated revenue growth in recent quarters also mainly attributed to the benefit of the first price increase in 12 years for the consumer version of Office in January this year (ranging from 30% to 50%).

Overall, although the growth of the core commercial M365 business was stable with a slight decline, driven by the strong acceleration in the growth of the consumer M365 business, the overall revenue growth rate of the productivity process segment this quarter was 16.6%, with a slight acceleration compared to the previous quarter, and also slightly exceeding Bloomberg's expectations by 2.3%.

1.3 Personal Business: Not as Bad as Guidance

After completely passing the impact period of consolidating Activision Blizzard, the growth of the more personal computing segment began to return to normal. This quarter's revenue growth was 4%, not as bad as the company's previous guidance of negative growth. However, maintaining a low single-digit growth rate means there is still nothing particularly noteworthy.

Specifically: 1) The main improvement point was the acceleration of revenue in the Windows and hardware segments to 5%, according to the company's explanation, mainly due to the concentrated release of Windows demand as Windows 10 approaches the end of its service period, with this part of the revenue increasing by 18% year-over-year.

2) The growth rate of advertising revenue excluding buy volume was 15%, slightly slowing down quarter-over-quarter but generally stable. Facing competition from OpenAI and Google, Bing did not have any highlights.

3) The gaming segment saw negative revenue growth due to poor sales of Xbox consoles.

IV. Capex Investment Surges Again

Although the market had generally expected Microsoft's Capex spending to increase again this quarter, with sell-side consensus expectations set at around $30 billion, the actual Capex (including leases) reached $34.9 billion, increasing by more than $10 billion from the previous quarter, setting a new historical high.

Structurally, as previously stated by the company, previous Capex was more focused on long-term assets such as data center properties, while recent investments are more focused on short-life equipment. According to the company, nearly half of this quarter's Capex was invested in short-life equipment such as GPUs and CPUs. This indicates that Microsoft is entering a peak period for chip procurement.

Additionally, this quarter's leasing capital expenditure was also as high as $11.1 billion, a year-over-year increase of 71%, resulting in a significant difference between total Capex spending and cash Capex spending. This reflects that Microsoft is opting for more external leasing rather than self-building for long-life assets such as data centers.

This is a positive signal (verification) for upstream chip companies and service providers offering data center leasing.

V. New Contract Amounts Surge, but Also OpenAI's "Big Orders"

Summarizing the performance of the above segments, Microsoft's overall revenue this quarter was $77.7 billion, a year-over-year increase of 18%, showing a generally stable trend compared to the previous quarter with a slight acceleration, but significantly exceeding the company's guidance and Bloomberg's consensus expectation of 15%.

In addition to the good revenue growth this quarter, the leading indicators announced this quarter were also impressive, but mainly due to long-term large orders from OpenAI. Considering that OpenAI is signing large framework orders everywhere but currently has limited self-sustaining capability, Dolphin remains cautious about whether these orders can be fully converted in the medium to long term. In other words, these "abnormal" large orders mainly generated by OpenAI, rather than normal order growth driven by many customers, should not be "taken too seriously."

Specifically, this quarter's new enterprise contract amount surged by 112% year-over-year, with the company stating that it was mainly due to OpenAI signing usage commitment contracts with Azure (excluding the $250 billion commitment signed a few days ago).

As a result, the growth rate of the backlog of enterprise contracts also increased to 51% this quarter, reaching $392 billion, increasing by $24 billion from the previous quarter. The average contract term is about 2 years, meaning that considering only the existing backlog of enterprise contracts, nearly $200 billion in revenue can be ensured each year in the future.

VI. Price Increases, Efficiency Improvements, and Cost Control Offset High Capex, Profit Margin Increases Instead of Decreasing

Compared to the good but not particularly surprising revenue performance, Microsoft's cost and profitability performance this quarter was even more outstanding, with the expected narrowing of gross margin due to Capex and depreciation not being as severe as expected, and excellent cost optimization resulting in operating profit ultimately increasing instead of decreasing.

1) First, in terms of gross profit, this quarter Microsoft's gross margin was 69%, although it did decrease by 0.4 percentage points year-over-year, it was 1.5 percentage points higher than Bloomberg's expectations. Combined with the company's explanation, the price increases in multiple business lines of productivity and cloud services, as well as the overall acceleration in operating efficiency, offset the impact of higher depreciation.

2) From the perspective of expenses, Microsoft's total marketing, R&D, and management expenses increased by only 4.9% year-over-year this quarter, compared to 5.8% in the previous quarter, continuing to narrow, and far below the revenue and gross profit growth rate of about 18%, resulting in a 2 percentage point dilution in the expense ratio as a percentage of revenue year-over-year. Specifically, zero growth in marketing expenses was the main contributor, while R&D and management expenses both increased by about 8% year-over-year.

3) Overall, due to the control of operating expenses, the profit margin squeezed out was much more than the decline in gross margin, resulting in a 2.3 percentage point year-over-year increase in Microsoft's overall actual operating profit margin this quarter. The final operating profit was $38 billion, a year-over-year increase of 24%, significantly outpacing revenue growth.

However, due to other losses caused by OpenAI amounting to $4.9 billion, Microsoft's net profit growth rate this quarter was only 13% year-over-year.

4) From a segment perspective, the profit margins of each segment increased quarter-over-quarter this quarter. The Intelligent Cloud segment, which bears the most Capex and depreciation, also relied on excellent cost control, with the operating profit margin increasing by 2.7 percentage points quarter-over-quarter. Due to price increases and performance bottoming out, the productivity and personal computing segments saw year-over-year increases in gross margin, and combined with excellent cost control, the increase in operating profit margin was even higher.

Past Dolphin Research on [Microsoft]:

Financial Report Commentary

July 31, 2025 Minutes "Microsoft (Minutes): 1Q Capital Expenditure $30 Billion, Full-Year Expenditure Front-Loaded"

July 31, 2025 Commentary "Azure Growth Unlimited? Microsoft Deserves AI Leader Title"

May 1, 2025 Minutes "Microsoft (Minutes): Maintain Capex Guidance Unchanged, 4Q Still Faces Supply Bottlenecks"

May 1, 2025 Commentary"Azure Rises Again, Microsoft Returns to AI Pillar"

January 30, 2025 Minutes"Microsoft: Current Investment vs. Future Prospects is a Question All AI Players Need to Consider"

January 30, 2025 Commentary"Microsoft: The "Mismatch" Between Stark Reality and Grand Vision"

October 31, 2024 Conference Call Minutes"Microsoft: What Restricts Azure's Growth?"

October 31, 2024 Commentary"Microsoft: AI Only Sees "Spending" Without "Returning""

July 31, 2024 Commentary "Microsoft: No Miracle with Great Effort, AI Dream Stranded?"

July 31, 2024 Conference Call Minutes "Microsoft: How to Grasp the Pace of AI Investment"

April 26, 2024 Financial Report Commentary "Microsoft: Azure Carries Everything, Steady as a Rock in U.S. Stocks"

April 26, 2024 Conference Call Minutes "Microsoft: How Much AI Investment is Needed?"

In-Depth Research

July 5, 2023 "AI "Recreating" a Microsoft? Not So Easy"

The risk disclosure and statement of this article: Dolphin Research Disclaimer and General Disclosure