Microsoft books $3.2B gain from Anthropic stake, OpenAI mixed

In its fiscal Q4 2026 earnings (ended June 30), Microsoft disclosed a $3.2 billion gain tied to its investment in Anthropic. The company's stake in OpenAI, by contrast, produced mixed results this quarter.

Why it matters: This is one of the first concrete numbers showing how profitable Microsoft's AI lab bets have become, and it suggests Anthropic is currently the stronger-performing investment of the two. It also underscores how deeply Microsoft's own earnings are now tied to the fortunes of external AI labs it doesn't fully control, a dynamic worth watching as competition between Anthropic and OpenAI intensifies.