Core Insights - Microsoft is expected to report fiscal third-quarter results with a revenue projection indicating an annual growth of 10.6%, the slowest rate in two years [1] - Analysts are particularly interested in CEO Satya Nadella's comments regarding business prospects amid new tariffs announced by President Trump [1] Revenue and Financial Performance - Microsoft reported earnings per share of $3.22 and revenue of $68.42 billion [5] - The company has committed to $80 billion in capital spending for AI data centers in the current fiscal year, although CFO Amy Hood indicated a slowdown in capital spending growth for the upcoming 2026 fiscal year [2] Market and Competitive Landscape - Microsoft shares have decreased by approximately 7% year-to-date, while the S&P 500 index has declined by 5% [3] - Analysts from Bank of America and BMO have recently lowered their growth estimates for Azure cloud services, which experienced revenue shortfalls in the fiscal second quarter [3][2] Strategic Partnerships and Adjustments - Microsoft announced a change in its relationship with OpenAI, gaining a right of first refusal for new computing capacity but not being obligated to deliver it [4] - OpenAI has launched the Stargate AI infrastructure project in collaboration with Oracle and SoftBank [4]