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The cloud-and-copilot segment of the AI trade is separating from the social-and-advertising side.
Microsoft jumped 15% after reporting strong Azure and Copilot growth, while Meta fell 9% as a miss on revenue guidance and a sharp drop in free cash flow extended what has become a record losing streak for the stock.
Microsoft: Azure and Copilot carry the quarter Microsoft's results showed both Azure and Copilot growing.
The market read those two lines as confirmation that enterprise customers are still committing to AI tooling, a demand environment that has sustained the cloud capex cycle.
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