Microsoft demand backlog doubles to $625 billion thanks to OpenAI, but hefty spending and slower revenue growth spook investors

It was an earnings report that contained some stunning numbers: Microsoft reported crossing a significant $50 billion quarterly revenue milestone for its cloud business, and said its demand backlog had more than doubled, to $625 billion, with a boost from OpenAI. But the tech giant’s stock tumbled nearly 5% in after-hours trading, following a second quarter earnings release that showed a slowdown in Azure revenue growth and capacity constraints that Microsoft admitted will extend to “at least” the end of its fiscal year in June.