Cloud · AI infrastructure · In-house silicon

Microsoft

The big-tech operator of Windows, Microsoft 365 and Azure. FY2026 revenue reached $331.8B (+18%) and property-and-equipment additions rose to $115.9B. It is a major AI data-center demand sink, with Legrand Starline procurement now confirmed by the supplier's disclosure.

Business categories Cloud Platforms · AI Compute Infrastructure · primary Custom AI Silicon · AI Compute Infrastructure

MSFT Updated Oct 10, 2026 7 AI consumers· 7 recurring

Per the valuechain.wiki graph, Microsoft is directly linked to 64 companies (38 supply, 27 revenue, 2 investment relationships) and reaches 136 companies within two hops; the links are backed by 86 dated sources, 16 of them primary filings (as of 2026-10-10).

Annual return · 2026-09-04'21+52.5%'22-28%'23+58.2%'24+12.9%'25+15.6%YTD+4%
Money in ▸enterprises · consumers (Azure · M365 · Windows)●Revenue $331.8BFiserv●Count 8,000 software_engineersOpenAI●Take-Two Interactive Software, Inc.●Roper Technologies●Kenvue Inc.●The Kraft Heinz Company●Veralto Corporation●Ralph Lauren Corporation●Accenture plc◐Count 743,000 employeesServiceNow◐Walmart Inc◐Starbucks Corp◐Costco Wholesale◐Johnson Controls (Azure — OpenBlue)◐Parker-Hannifin Corporation◐Stryker Corporation◐Adobe Inc.◐3M Company◐Illinois Tool Works Inc.◐Boston Scientific Corporation◐Autodesk, Inc.◐Rockwell Automation, Inc.◐Axon Enterprise, Inc.◐Otis Worldwide Corporation◐Cognizant Technology Solutions Corporation◐Dover Corporation◐Snowflake○
MicrosoftFY2026 revenue $331.8B
▸ Money outLegrand●spend proxy €127MNVIDIA●Units 485,000WEC Energy Group●Count 2 projectsAMD●TSMC●Credo Technology●Arista Networks●Constellation Energy●IREN●Nebius Group●Digital Realty●Take-Two Interactive Software, Inc.●Occidental Petroleum◐Count 500,000 metric_tonnes_CO2Brookfield Asset Management Ltd.◐Amount 10.5 GWSeagate Technology◐Astera Labs◐Intel◐Marvell◐Quanta Computer◐Foxconn (Hon Hai)◐Western Digital◐CoreWeave◐IonQ◐Wiwynn◐Eaton◐Schneider Electric◐GE Vernova◐Vertiv◐Ciena◐Caterpillar◐Cummins◐Super Micro◐Sumitomo Electric◐ABB◐Equinix◐Automatic Data Processing, Inc.◐3M Company◐Expedia Group, Inc.◐memory · HBM (SK hynix · Samsung · Micron)○

Financials & Segments

  • Total revenue · FY2026 revenue $331.8B (+18%)
  • Customer concentration · FY2026 property and equipment additions of $115.9B, led by AI and cloud capacity.
  • Segments · Productivity and Business Processes · Intelligent Cloud · More Personal Computing

Revenue from

  • enterprises · consumers (Azure · M365 · Windows) High confidence· Revenue $331.8B · FY2026 · 10-K annual total revenue
    Sells Azure, Microsoft 365 and Windows to enterprises and consumers. FY2026 revenue rose 18% to $331.8B.
    Confirms EN U.S. Securities and Exchange Commission Published Jul 29, 2026: Microsoft FY2026 Form 10-K
    Confirms EN SEC / Microsoft Published Jul 30, 2025: Microsoft FY2025 Form 10-K
  • Fiserv High confidence· Count 8,000 software_engineers · as of 2026-01-08 · Fiserv software engineers with GitHub Copilot deployed
    Microsoft provides the Microsoft 365 Copilot that Fiserv is deploying across the company and the Azure-powered Microsoft Foundry whose use it is expanding, with these software and AI infrastructure services directly supporting Fiserv's internal productivity and product development.
    Confirms EN Fiserv Published Jan 8, 2026: Fiserv Collaborates with Microsoft to Accelerate AI-Driven Innovation
  • OpenAI High confidence
    Supplies Azure to OpenAI ($250B commitment) plus equity stake.
    Confirms KO Wikipedia Published Jan 1, 2026: OpenAI
    Confirms EN CNBC Published Sep 22, 2025: Nvidia to invest up to $100B in OpenAI
    Confirms EN Microsoft Azure Published Nov 15, 2023: Azure Maia for the era of AI: From silicon to software to systems
  • Take-Two Interactive Software, Inc. High confidence
    Microsoft receives royalties from Take-Two under Xbox publisher agreements based on units manufactured or digitally downloaded content revenue, and the specific amount paid was not disclosed.
    Confirms EN SEC EDGAR Published May 22, 2026: TAKE TWO INTERACTIVE SOFTWARE INC 10-K (2026-05-22)
  • Roper Technologies High confidence
    Microsoft provides the Microsoft Azure services that Roper relies on to host certain enterprise and customer systems, while spending by provider was not disclosed.
    Confirms EN SEC EDGAR Published Feb 24, 2026: ROPER TECHNOLOGIES INC 10-K (2026-02-24)
  • Kenvue Inc. High confidence
    Microsoft is supporting Kenvue's expanded use of Microsoft Azure through a five-year collaboration covering analytics and AI across commercial, operational, and supply-chain workflows, while the contract value is not disclosed.
    Confirms EN Kenvue Investor Relations Published Apr 16, 2025: Kenvue Announces 5-Year Collaboration with Microsoft to Transform Digital Operations
  • The Kraft Heinz Company High confidence
    Microsoft entered a multiyear agreement under which Kraft Heinz selected Azure as its preferred cloud platform for most global datacenter assets and SAP on Azure, providing technology for supply-chain control, factory digital twins, and analytics.
    Confirms EN Microsoft Published Apr 21, 2022: Kraft Heinz and Microsoft join forces to accelerate supply chain innovation as part of broader digital transformation
  • Veralto Corporation High confidence
    Microsoft provides the Azure environments that Veralto's global IT organization designs, deploys, and operates across multiple subscriptions and a multi-tenant architecture, while cloud infrastructure spend was not disclosed.
    Confirms EN Veralto Careers Published Sep 20, 2026: Systems Engineer
  • Ralph Lauren Corporation High confidence
    Microsoft worked with Ralph Lauren to develop Ask Ralph, a conversational shopping feature powered by Azure OpenAI, and both companies confirm the platform and development relationship, while counterparty-specific spend is not disclosed.
    Confirms EN Microsoft Published Sep 9, 2025: Ralph Lauren redefines shopping with Microsoft AI-powered styling companion Ask Ralph
    Confirms EN Ralph Lauren Corporation Published Sep 9, 2025: Ralph Lauren Introduces Ask Ralph, a New Conversational AI Shopping Experience
  • Accenture plc Medium confidence· Count 743,000 employees · 2026년 공개 전사 배포 계획 · Accenture workforce covered by the Microsoft 365 Copilot rollout
    Microsoft supplies the Microsoft 365 and Copilot technology used across Accenture's internal operations. A 2026 account put the enterprise rollout at about 743,000 people, but the contract value was not disclosed.
    Confirms EN Microsoft Source Published Apr 27, 2026: Accenture is rolling out Copilot to a workforce the size of Denver. Here's how they're doing it.
  • ServiceNow Medium confidence
    Azure cloud for ServiceNow workloads.
    Confirms EN Futurum Published Jan 29, 2026: ServiceNow Q4 FY2025 earnings, AI platform
  • Walmart Inc Medium confidence
    Microsoft earns revenue supplying Walmart with Azure cloud and Azure OpenAI.
    Confirms EN Microsoft (Official Blog) Published Jan 9, 2024: Walmart unveils new generative AI-powered capabilities for shoppers and associates
  • Starbucks Corp Medium confidence
    Microsoft earns revenue supplying the Azure cloud and machine learning that run Starbucks' Deep Brew AI.
    Confirms EN Microsoft (Source) Published Jan 6, 2020: Starbucks turns to technology to brew up a more personal connection with its customers
  • Costco Wholesale Medium confidence
    Costco runs its core IT on Microsoft Azure, making it a Microsoft cloud customer.
    Confirms EN Constellation Research Published Dec 15, 2025: Costco is approaching AI in a very Costco way
  • Johnson Controls (Azure — OpenBlue) Medium confidence
    JCI's smart-building platform OpenBlue runs on Azure — for Microsoft, Azure demand carrying building/industrial IoT and generative-AI workloads, and an industrial reference case.
    Confirms EN Memoori Published Jan 15, 2026: Johnson Controls AI strategy — OpenBlue built on a Microsoft Azure co-development partnership
  • Parker-Hannifin Corporation Medium confidence
    Microsoft provides Azure Databricks and Power BI to Parker Aerospace, which has deployed them internally to process aircraft component data. The service spend is not disclosed.
    Confirms EN Microsoft Published Jun 25, 2024: Parker Aerospace writes innovative safety algorithm on Azure Databricks
  • Stryker Corporation Medium confidence
    Microsoft supplies the integrated technology Stryker uses for medical-device data and Smart Equipment Management. Stryker's spending is not disclosed.
    Confirms EN Stryker Published Aug 5, 2019: Smart Devices Deliver Actionable Insights
  • Adobe Inc. Medium confidence
    Microsoft provides the Azure platform where Adobe hosts Acrobat Sign and the Azure OpenAI Service used for Acrobat AI Assistant, and Adobe's SEC filing confirms the importance of third-party hosting purchases but does not disclose amounts by vendor.
    Confirms EN Adobe Trust Center Published Feb 12, 2026: Adobe Document Cloud Data Centers
    Mentions EN SEC EDGAR Published Jan 15, 2026: ADOBE INC. 10-K (2026-01-15)
  • 3M Company Medium confidence
    Microsoft provides the AI and digital platforms that 3M is adopting across customer service, finance, sales, and marketing, but platform fees and service contract value were not disclosed.
    Confirms KO Electronic Times Published Jul 16, 2026: Microsoft and 3M Form AI Data Center Alliance, Bringing Next-Generation Optical Connectivity to Azure
    Confirms EN 3M Investor Relations Published Jul 15, 2026: 3M and Microsoft Announce Strategic Partnership to Advance AI Data Center Infrastructure and Enterprise Transformation
  • Illinois Tool Works Inc. Medium confidence
    Microsoft provides Dynamics 365 and Power Platform to ITW subsidiary Avery Weigh-Tronix for service operations and customer management, while software and implementation costs were not disclosed.
    Confirms EN Microsoft Customer Stories Published Jul 1, 2025: Avery Weigh-Tronix works with Sikich to expedite data entry and cut payment timelines by 97% with Microsoft Dynamics 365 and Power Platform
  • Boston Scientific Corporation Medium confidence
    Microsoft is a provider on which Boston Scientific's corporate infrastructure relies heavily according to TechCrunch's reporting based on public internet records, although contract value by service was not disclosed.
    Mentions EN TechCrunch Published Aug 26, 2026: Medical device maker Boston Scientific says a cyberattack is causing a 'global disruption' to its operations
  • Autodesk, Inc. Medium confidence
    Microsoft is identified in Autodesk's July 2026 general subprocessor list as a cloud service provider embedded in Autodesk offerings and also provides Azure OpenAI Service and GPT-image-1 for generative AI features in Fusion, but Autodesk does not disclose Microsoft-specific spending.
    Confirms EN Autodesk Published Jul 1, 2026: Autodesk Subprocessors
    Confirms EN Autodesk News Published Sep 16, 2025: New investments in Autodesk Fusion to bring AI-powered transformation to manufacturing
  • Rockwell Automation, Inc. Medium confidence
    Microsoft provides the Azure managed services on which Rockwell develops and operates FactoryTalk Hub and Design Studio, while Rockwell's cloud-infrastructure spending with Microsoft was not disclosed.
    Confirms EN Microsoft Published Oct 2, 2023: Rockwell Automation Goes Cloud-Native on Azure to Bring Modern Software Development Paradigms to the Factory Floor
    Confirms EN Frost & Sullivan Published Oct 25, 2022: The Value of Industrial Cloud Software: A Pivot to Digital Transformation
  • Axon Enterprise, Inc. Medium confidence
    Microsoft provides Microsoft Azure to Axon as one of the primary public-cloud providers supporting Axon Cloud, while Axon does not disclose provider-specific spending or contract terms.
    Confirms EN Axon Published Jun 2, 2026: What's Changing in Axon Cloud in 2026, And What's Staying the Same
  • Otis Worldwide Corporation Medium confidence
    Microsoft provides Azure, where Otis Worldwide runs its cloud-native Otis ONE platform, along with related software services, and the amount Otis pays is undisclosed.
    Confirms KO ITWorld Korea Published Jun 24, 2022: Otis Strengthens Digital Services with AI and Sensors
    Confirms EN CIO Published Jun 20, 2022: Otis takes the smart elevator to new heights
    Confirms EN Harvard Business School Digital Initiative Published Nov 16, 2016: Otis: From Mechanical to Digital Innovation
  • Cognizant Technology Solutions Corporation Medium confidence
    Microsoft provides Azure AI, Microsoft 365 Copilot, and Teams for Cognizant's internal project management and workflows, while the commercial scale and spending are undisclosed.
    Confirms EN Microsoft Source Asia Published Sep 9, 2026: How Microsoft AI is helping Cognizant scale Delivery Excellence across 10,000 projects
    Confirms EN Microsoft Customer Stories Published Feb 12, 2024: Cognizant makes performance management more effective and meaningful with Microsoft Azure Machine Learning
  • Dover Corporation Medium confidence
    Microsoft provides Azure as the platform on which Dover Fueling Solutions develops and operates cloud and IoT solutions for fuel retailers, but spending on Azure usage and joint support was not disclosed.
    Confirms EN Dover Corporation Published Jul 25, 2019: Dover Fueling Solutions and Microsoft Collaborate to Provide Azure Based Edge to Cloud IoT Solutions
  • Snowflake Low confidence
    Azure for Snowflake multi-cloud.
    Confirms EN Yahoo Finance Published Dec 1, 2025: Snowflake rides strong AI demand (Cortex, NVIDIA)

Pays to

  • Legrand High confidence· spend proxy €127M · 2023 · supplier revenue disclosed for customer-level CDP allocation
    Microsoft procures data-center power distribution equipment from Legrand's Starline brand; Legrand's CDP response gives EUR 127,062,998 as the allocation-basis revenue.
    Confirms EN Legrand Published Apr 9, 2025: Legrand 2024 CDP Climate Change response
  • NVIDIA High confidence· Units 485,000 (est.) · CY2024 · Omdia estimate
    Nvidia’s largest Hopper GPU buyer: about 485k units (H100/H200) in 2024, roughly double the next biggest (Omdia estimate).
    Mentions EN SEC / Microsoft Published Jul 30, 2025: Microsoft FY2025 Form 10-K
    Confirms EN heise online Published Dec 19, 2024: Microsoft buys most Nvidia accelerators (Omdia estimate)
    Mentions KO M Today Accessed Jun 20, 2026: Microsoft to phase out Nvidia chips, deploys its own Maia 200 AI chip in 2026
  • WEC Energy Group High confidence· Count 2 projects · as of 2025-12-05 · WEC generation projects with disclosed Microsoft offtake agreements: Sapphire Sky and Hardin III
    Microsoft is the long-term power offtaker for the Sapphire Sky wind project and the Hardin III solar project, and the two contracts provide long-duration revenue support for WEC's non-utility energy infrastructure business.
    Confirms EN SEC EDGAR Published Dec 5, 2025: WEC Energy Group Investor Update: December 2025
  • AMD High confidence
    Runs Azure OpenAI Service (GPT-3.5/4) and Copilot on AMD Instinct MI300X; offers ND MI300X v5 VMs.
    Confirms EN AMD Investor Relations Published May 21, 2024: AMD Instinct MI300X Accelerators Power Microsoft Azure OpenAI Service Workloads
    Confirms KO Seoul Economic Daily Accessed Jun 20, 2026: AMD: AI chip MI300X counts OpenAI, Meta, Microsoft among customers
  • TSMC High confidence
    Has its own Maia AI chips (Maia 100/200) fabricated at TSMC on N5 with CoWoS-S packaging; Maia 100 carries 64GB HBM2E.
    Confirms EN ServeTheHome Published Aug 26, 2024: Microsoft Maia 100 AI Accelerator for Azure
    Confirms KO M Today Accessed Jun 20, 2026: Microsoft to phase out Nvidia chips, deploys its own Maia 200 AI chip in 2026
  • Credo Technology High confidence
    Purchases AI interconnect (AEC, PAM4) from Credo.
    Confirms EN Quartz Published Jan 1, 2025: Credo growth in AI interconnects
    Confirms EN SEC EDGAR Published Jun 1, 2024: Credo Technology Form 10-K
  • Arista Networks High confidence
    Buys AI datacenter Ethernet switches from Arista Networks.
    Confirms KO ITWorld Published Aug 1, 2025: Meta builds high-speed Ethernet AI clusters with Arista
    Confirms EN SEC EDGAR Published Feb 18, 2025: Arista Networks Form 10-K
    Confirms EN Arista Published Feb 18, 2025: Arista Q4 and full-year 2024 results ($7B)
  • Constellation Energy High confidence
    Sources datacenter power from Constellation nuclear under a 20-year PPA.
    Confirms KO Edaily Published Sep 21, 2024: Largest US nuclear operator restarts Three Mile Island for Microsoft
    Confirms EN SEC EDGAR Published Sep 20, 2024: Constellation–MS Three Mile Island PPA (8-K)
  • IREN High confidence
    Rents GB300 AI cloud from IREN ($9.7B).
    Confirms EN GlobeNewswire Published Nov 3, 2025: IREN secures $9.7B AI cloud contract with Microsoft
  • Nebius Group High confidence
    Sources AI compute from Nebius ($17-19B).
    Confirms EN SEC EDGAR Published Nov 1, 2025: Nebius FY2025 results (6-K)
  • Digital Realty High confidence
    Leases hyperscale datacenters from Digital Realty.
    Confirms EN Global Data Center Hub Published Aug 1, 2025: Digital Realty $9B pipeline and hyperscale fund
  • Take-Two Interactive Software, Inc. High confidence
    Microsoft distributes and sells Take-Two's games digitally through Xbox Live and Xbox consoles, and individually represented more than 10% of Take-Two's total revenue in FY2026.
    Confirms EN FactorsToday Published Aug 21, 2026: Take-Two Interactive Software, Inc. (NASDAQ: TTWO) — The Launch Is De-Risking; the Price Is Not
    Confirms EN SEC EDGAR Published May 22, 2026: TAKE TWO INTERACTIVE SOFTWARE INC 10-K (2026-05-22)
    Mentions KO Kiwoom Securities Research Center Published Mar 3, 2026: Near-Term Concerns Are Limited; GTA VI Sales May Exceed Market Consensus
  • Occidental Petroleum Medium confidence· Count 500,000 metric_tonnes_CO2 · six years · Volume of DAC carbon removal credits Microsoft agreed to purchase from 1PointFive
    Microsoft agreed to buy 500,000 metric tons of direct-air-capture carbon removal credits from Occidental subsidiary 1PointFive over six years, but the contract value was not disclosed.
    Confirms EN Oil and Gas Climate Initiative Published Oct 17, 2025: OGCI Progress Report 2025
    Confirms KO Business Post Published Jul 10, 2024: Microsoft to Buy 500,000 Tons of Credits from Occidental Carbon-Capture Company
    Confirms EN Occidental Petroleum Published Jul 9, 2024: 1PointFive Announces Agreement to Sell 500,000 Metric Tons of Direct Air Capture Carbon Removal Credits to Microsoft
  • Brookfield Asset Management Ltd. Medium confidence· Amount 10.5 GW · 2026-2030 · renewable procurement framework
    Microsoft procures 10.5 GW of renewable power from Brookfield across the US and Europe in 2026-2030 under a framework worth more than $10 billion, to power its AI data centers.
    Confirms EN GlobeNewswire Published May 1, 2024: Brookfield and Microsoft Collaborating to Deliver Over 10.5 GW of New Renewable Power Capacity Globally
  • Seagate Technology Medium confidence
    Seagate nearline HDDs for AI data storage.
    Confirms EN AlphaStreet Published Jan 1, 2026: Seagate AI-storage capacity story (HAMR)
  • Astera Labs Medium confidence
    A key hyperscaler customer buying PCIe/Ethernet retimers and fabric connectivity directly (concentrated customer base).
    Confirms EN SEC EDGAR Published Feb 10, 2026: Astera Labs Form 10-K (FY2025)
  • Intel Medium confidence
    Buys Intel Xeon CPUs for Azure servers; the ND MI300X v5 VM uses 4th-gen Xeon as host CPU.
    Mentions EN AMD Investor Relations Published May 21, 2024: AMD Instinct MI300X Accelerators Power Microsoft Azure OpenAI Service Workloads
  • Marvell Medium confidence
    Cited as a hyperscaler custom-silicon partner (specific program and volume undisclosed); attribution kept cautious.
    Mentions KO Korea Economic Daily Published Apr 14, 2026: Marvell supplies custom AI silicon to hyperscalers
  • Quanta Computer Medium confidence
    Sources GB200 AI servers from Quanta.
    Confirms EN TweakTown Published Aug 1, 2024: NVIDIA GB200 AI servers: Foxconn 40%, Quanta 30%
  • Foxconn (Hon Hai) Medium confidence
    Orders GB200 AI racks for Azure (Foxconn-assembled).
    Confirms EN CNBC Published Dec 5, 2025: NVIDIA partner Foxconn reports 26% revenue spike on AI boom
  • Western Digital Medium confidence
    WDC nearline for AI-datacenter mass storage.
    Confirms EN MLQ Published Jan 1, 2026: WDC 2026 HDD production sold out (AI datacenters)
  • CoreWeave Medium confidence
    Rents GPU-cloud compute from CoreWeave.
    Confirms KO ZDNet Korea Published Sep 16, 2025: NVIDIA-fueled CoreWeave triples since IPO
  • IonQ Medium confidence
    Hosts IonQ QPUs on Azure Quantum.
    Confirms EN Quantum Zeitgeist Published Jan 1, 2026: Trapped-ion quantum (IonQ AWS, Azure, NVIDIA)
  • Wiwynn Medium confidence
    Supplies AI servers to Microsoft (Wiwynn ODM).
    Confirms EN TrendForce Published May 5, 2025: MS/Meta AI spend lifts NVIDIA ODM Wiwynn
  • Eaton Medium confidence
    Sources datacenter power/UPS from Eaton.
    Confirms EN SEC EDGAR Published Oct 30, 2025: Eaton quarterly results (8-K)
    Confirms KO TheElec Published Jan 1, 2024: Eaton targets Korean datacenter market with power solutions
  • Schneider Electric Medium confidence
    Sources datacenter power/cooling from Schneider.
    Confirms EN Schneider Electric Published Apr 30, 2026: Schneider Electric Q1 revenue release
    Confirms EN DCD Published Sep 1, 2025: Schneider co-develops GB200 NVL72 reference design with NVIDIA
  • GE Vernova Medium confidence
    Sources datacenter power/grid gear from GE Vernova.
    Confirms EN SEC EDGAR Published Feb 1, 2026: GE Vernova 2025 annual report (ARS/10-K)
    Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis
  • Vertiv Medium confidence
    Sources datacenter power/cooling from Vertiv.
    Confirms EN Vertiv Published Oct 17, 2024: Vertiv co-develops GB200 NVL72 power/cooling blueprint with NVIDIA
  • Ciena Medium confidence
    Sources inter-datacenter optical (DCI) from Ciena.
    Confirms KO Ciena KR Published Jan 1, 2026: Ciena global DCI (datacenter interconnect)
  • Caterpillar Medium confidence
    Sources datacenter backup power from Caterpillar and others.
    Confirms EN Manufacturing Dive Published Apr 30, 2026: Caterpillar to triple power generation, raises 2030 targets
  • Cummins Medium confidence
    Backup gensets to Microsoft datacenters.
    Confirms EN Manufacturing Dive Published Apr 30, 2026: Caterpillar to triple power generation, raises 2030 targets
  • Super Micro Medium confidence
    AI servers to Microsoft.
    Confirms EN Manufacturing Dive Published Apr 30, 2026: Caterpillar to triple power generation, raises 2030 targets
  • Sumitomo Electric Medium confidence
    Optical fiber/cable to Microsoft datacenters.
    Confirms EN Manufacturing Dive Published Apr 30, 2026: Caterpillar to triple power generation, raises 2030 targets
  • ABB Medium confidence
    Datacenter electrification to Microsoft.
    Confirms EN Manufacturing Dive Published Apr 30, 2026: Caterpillar to triple power generation, raises 2030 targets
  • Equinix Medium confidence
    Leases AI-datacenter space from Equinix and others.
    Confirms EN MarketWise Published Jan 1, 2026: Best data-center REITs for the AI boom (EQIX, DLR)
  • Automatic Data Processing, Inc. Medium confidence
    Microsoft's global payroll organization uses ADP as a key external vendor for employee payroll operations. The contract value is not disclosed.
    Confirms EN ADP ReThink Quarterly Published Aug 15, 2023: Jennifer Collins on Getting Employees Through a Crisis
  • 3M Company Medium confidence
    Microsoft is the first publicly announced hyperscale customer to deploy 3M's Expanded Beam Optical technology in Azure data centers, but the sales or licensing value was not disclosed.
    Confirms KO Electronic Times Published Jul 16, 2026: Microsoft and 3M Form AI Data Center Alliance, Bringing Next-Generation Optical Connectivity to Azure
    Confirms EN 3M Investor Relations Published Jul 15, 2026: 3M and Microsoft Announce Strategic Partnership to Advance AI Data Center Infrastructure and Enterprise Transformation
    Mentions EN Grand View Research Published Jul 1, 2026: Fiber Optic Connectors Market Size Report, 2026-2033
  • Expedia Group, Inc. Medium confidence
    Microsoft uses Expedia Group's Rapid API and travel inventory for lodging shopping and booking through Bing across 16 markets, while partner-specific revenue has not been disclosed.
    Confirms EN Expedia Group Published Oct 29, 2024: Expedia Group and Microsoft Bing Launch New Strategic Partnership Offering Travelers Additional Loyalty Perks
  • memory · HBM (SK hynix · Samsung · Micron) Low confidence
    Buys server DRAM/SSD and Maia HBM2E from the three memory makers (specific supplier and volume undisclosed).
    Mentions EN ServeTheHome Published Aug 26, 2024: Microsoft Maia 100 AI Accelerator for Azure

Investors

  • BlackRock High confidence· 100$B · AIP total investment potential
    Microsoft is an AIP co-founding partner, co-investing with BlackRock/GIP and MGX in AI data centers and power infrastructure.
    Confirms EN Microsoft Published Sep 17, 2024: BlackRock, GIP, Microsoft and MGX launch new AI partnership to invest in data centers

Investments

  • OpenAI High confidence
    Microsoft is OpenAI’s largest investor (Azure, profit share).
    Confirms EN CNBC Published Oct 28, 2025: OpenAI completes for-profit restructuring — Microsoft 27% stake (~$135B), $250B Azure, tech rights to 2032
    Mentions EN SEC / Microsoft Published Jul 30, 2025: Microsoft FY2025 Form 10-K

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
Target Corporationlead2+32.9-34.2-1.4-2.3-24.5+72.9
ASMLlead2+64.1-30.5+39.9-7.7+55.8+61.1
Kikkomanlead2+17.5-20+35.2-9.7-13.2+29.7
Fastenal Companylead2+34.1-24.3+41.3+13.5+14+28.5
The Coca-Cola Companylead2+11.4+10.6-4.4+8.9+15.6+27.7
Gilead Sciences, Inc.lead2+30+23.6-2+18.7+36.6+25.4
UnitedHealth Group Incorporatedlead2+45.2+6.9+0.8-2.4-33.1+21.9
Applelead2+34.6-26.4+49+30.7+9.1+18
Ford Motor Companylead2+137.5-42.2+15.8-13.1+42.3+15.3
Nestlé S.A.lead2+22.1-4.2-9.3-18.8-1.8+11
Airbuslead2+34.8+3.9+30.5+15+18.3+4.8
Dollar General Corporationlead2+13+5.6-44.1-43.1+79.6+1.8
JD.comlead2-19.1-16.9-62.5+81.5-28.2-1.3
Wells Fargolead2+61.1-11.9+22.9+46.5+35.6-1.9
HCA Healthcare, Inc.lead2+57.6-5.6+13.8+11.8+56.7-2.9
ResMed Inc.lead2+23.4-19.5-16.5+34.2+6.3-4.4
Tapestry, Inc.lead2+32.3-3.3+0.2+82.8+98.7-8.2
Expand Energy Corporationlead2·+62.3-14.8+33.2+14.4-9.7
Verisk Analyticslead2+10.9-22.3+36.2+16-18.2-16.5
Accenture plclead2+60.7-34.8+33.6+1.9-22.6-20.5
E-mart Inc.lead2-18.4-19.5-25.3-14.6+44.7-21.1
IBMlead2+16.7+10.6+21.8+39.3+38.2-21.8
Alibaba Grouplead2-49-25.8-10.8+11.8+75.8-22
Otis Worldwide Corporationlead2+30.4-8.8+16+5.2-4-23.2
Kialead2+3.1-13.8+54+3.7+60.1-26.9
Intuit Inc.lead2+70.3-39.1+61.8+1.2+6.1-53.7
Snowflakelead1+20.4-57.6+38.6-22.4+42.1+68.2
Starbucks Corplead1+11.1-13.2-1.2-2.5-5.3+26.3
Johnson Controlslead1+77.4-19.3-7.6+39.8+53+21.7
Kenvue Inc.lead1···+3.1-15.9+12.4
Rockwell Automation, Inc.lead1+41.2-24.8+22.6-6.2+38.4+12.3
Illinois Tool Works Inc.lead1+23.6-8.5+21.6-1-0.4+11
Costco Wholesalelead1+51.8-19+49+39.6-5.4+10.3
Parker-Hannifin Corporationlead1+18.3-6.9+60.8+39.6+39.5+10.2
3M Companylead1+4.9-29.6-3.3+46.1+26.4+6.8
The Kraft Heinz Companylead1+8+18.2-5-13-16.3+6.1
Walmart Inclead1+2-0.5+12.9+74+24.5+0.6
Ralph Lauren Corporationlead1+16.7-8.4+39.8+62.9+55-0.2
Dover Corporationlead1+45.7-24.3+15.2+23.3+5.2-0.5
Veralto Corporationlead1···+24.3-1.6-3.2
Roper Technologieslead1+14.7-11.6+26.9-4.1-13.8-7.9
ServiceNowlead1+17.9-40.2+82+50.1-27.7-8
Axon Enterprise, Inc.lead1+28.1+5.7+55.7+130.1-4.4-9.2
Take-Two Interactive Software, Inc.lead1-14.5-41.4+54.6+14.4+39.1-16.6
Stryker Corporationlead1+10.2-7.4+23.8+21.3-1.5-20.4
Fiservlead1-8.8-2.6+31.4+54.6-67.3-21.1
Cognizant Technology Solutions Corporationlead1+9.6-34.5+34.4+3.5+9.7-23.6
Adobe Inc.lead1+13.4-40.7+77.3-25.5-21.3-23.9
Autodesk, Inc.lead1-7.9-33.5+30.3+21.4+0.1-26.4
Boston Scientific Corporationlead1+18.2+8.9+24.9+54.5+6.8-55.2
Microsoftnode+52.5-28+58.2+12.9+15.6+4
Seagate Technologybenef1+87.5-51.4+69.1+4.1+225.3+209.1
AMDbenef1+56.9-55+127.6-18.1+77.3+183.9
Marvellbenef1+84.6-57.5+63.7+83.8-22.8+163.4
Intelbenef1+6.1-46.6+94.6-59.6+84+159.6
Western Digitalbenef1+17.7-51.6+66+13.9+283.7+130.9
Astera Labsbenef1····+25.6+105.7
Wiwynnbenef1+24.7-22.3+206.4+3.5+64.4+92.3
Vertivbenef1+33.8-45.3+251.8+136.8+42.8+73.2
GE Vernovabenef1····+99+54
Arista Networksbenef1+97.9-15.6+94.1+87.7+18.5+47.9
Super Microbenef1+38.8+86.8+246.2+7.2-4+43
Caterpillarbenef1+16+18.6+25.9+24.7+60.3+40.6
Cienabenef1+45.6-33.8-11.7+88.4+175.8+37.3
Equinixbenef1+20.3-21.1+25.4+19.5-16.9+37.3
Eatonbenef1+46.7-7.2+56.2+39.5-2.8+36
NVIDIAbenef1+125.5-50.3+239+171.2+38.9+23.2
Quanta Computerbenef1+22.2-12.8+254.5+12.7+8.9+21.2
Credo Technologybenef1··+46.3+245.2+114.1+18.5
IRENbenef1·-92.3+472+37.3+284.6+18.3
Foxconn (Hon Hai)benef1-5.1+2.8+7.8+80.1+26.9+16.3
Schneider Electricbenef1+25.9+1.6+25.8+36.1+0.5+11.7
Cumminsbenef1-1.7+14.1+1.7+48.9+49.4+11
Automatic Data Processing, Inc.benef1+42.6-1.3-0.2+28.4-10.2+9.6
3M Companybenef1+4.9-29.6-3.3+46.1+26.4+6.8
Expedia Group, Inc.benef1+36.5-51.5+73.3+22.8+53.3+5.8
WEC Energy Groupbenef1+8.7-0.5-7+16.1+16+3.1
Brookfield Asset Management Ltd.benef1··+45.6+39.7-0.2-9.7
IonQbenef1·-79.3+259.1+237.1+7.4-11.9
Constellation Energybenef1··+37.2+92.7+58.8-15.3
Take-Two Interactive Software, Inc.benef1-14.5-41.4+54.6+14.4+39.1-16.6
AT&Sbenef2+57.5-22-27.6-41.3+188.9+464.3
Dell Technologiesbenef2+51.2-26.6+95.9+53+11.2+320.2
Nan Ya PCBbenef2+110.6-46.7-0.5-38.3+188.2+280.5
Unimicronbenef2+133.5-30.2+35.2-19.7+175.7+236.2
ASE Technologybenef2+38.3-12.8+60.9+10.1+65.6+191.3
Bloom Energybenef2-23.5-12.8-22.6+50.1+291.2+191
Nebius Groupbenef2····+202.2+170.5
Ibidenbenef2+30.4-19.6+51.6-38.6+261+149.3
Lumentumbenef2+11.6-50.7+0.5+60.1+339.1+139.1
Murata Manufacturingbenef2-14-11.7+24.7-16.5+29.9+131.5
SK hynixbenef2-0.4-25.6+53.9+48.6+361.1+85.3
Corningbenef2+5.9-11.6-1.2+60.6+87.8+77.2
Coherentbenef2-10-48.6+24+117.6+94.8+69.4
Samsung Electronicsbenef2-9-14.2+20.9-26.4+212.9+63.8
Delta Electronicsbenef2-3.4+10.4-0.3+59.2+183.8+61.9
Keysight Technologiesbenef2+56.3-17.2-7+1+26.5+61
Nucor Corporationbenef2+118.4+17.4+33.8-32+42+54.7
Monolithic Powerbenef2+35.5-27.8+79.8-5.6+54.5+53.7
Analog Devicesbenef2+21-4.9+23.4+8.8+29.8+51.1
Wistronbenef2+7.9+9.7+272.7-1.6+22.7+49.7
Sumitomo Electricbenef2+11.4+6.3+30.8+52.9+139+43.2
onsemibenef2+107.5-8.2+33.9-24.5-14.1+37.4
Pegatronbenef2-5.9+0.6+35.3+21.2-23.8+34.5
United Rentalsbenef2+43.3+7+63.6+24+15.9+31.3
Amphenolbenef2+34.9-12+31.5+41.3+96.1+29.8
GlobalFoundriesbenef2·-17.1+12.5-29.2-18.6+29.7
Eoptolinkbenef2-10.1-27.7+136.6+197+368.8+29.1
InnoLightbenef2-30.7-18.3+253.7+12+468.1+25.6
Digital Realtybenef2+30.7-41+39.9+35.9-10.1+23.4
ABBbenef2+23.9+7.3+18.9+39+36.1+18.4
Applebenef2+34.6-26.4+49+30.7+9.1+18
Chubb Limitedbenef2+27.8+16+4.2+23.9+13.7+10.3
King Yuan Electronics (KYEC)benef2+26.7-7.7+132.4+38.6+171+8.4
Recursion Pharmaceuticalsbenef2·-55+27.9-31.4-39.5+6.6
Legrandbenef2+20.3-7.1+12.8+11.9+39.3+6.1
Duke Energy Corporationbenef2+19.1+2-1.6+15.6+12.7+5.3
FirstEnergybenef2+41.8+4.8-8.9+13.2+17.3+3.5
BlackRockbenef2+29.4-20.4+17.9+29.3+6.6+2.8
Nikonbenef2+46.2+10.9+23.1+13.7+19.7-2.4
Hoya Corporationbenef2+10.8-3+34.4+11.3+24.9-2.5
TE Connectivitybenef2+35.1-27.7+24.6+3.5+61.1-3
Camecobenef2+63.2+4.3+90.5+19.5+78.4-3.7
FANUCbenef2-16.5+4.4-8.1+15.6+37.7-4.5
Luxshare Precisionbenef2-11.9-30.2-21.2+58.8+29.3-7.4
Workday, Inc.benef2+14-38.7+65-6.5-16.8-8.8
Phison Electronicsbenef2+26.8-10.7+45.1-6.7+418.3-12.8
Salesforce, Inc.benef2+14.2-47.8+98.5+27.8-20.2-12.9
Mobileyebenef2··+23.6-54-47.6-18
Carnival Corporationbenef2-7.1-59.9+130+34.4+22.6-21.8
BYD Electronicsbenef2-56.1+16-0.4+60.6-19.4-24.1
Rigetti Computingbenef2·-92.9+35.1+1449.2+45.2-31.4
UBTech Roboticsbenef2···-21.6+95.4-38.8
Oklobenef2·+0.7+6.5+101+238-42.5
D-Wave Quantumbenef2·-85.3-38.9+854.5+211.3-44.3

YTD as of 2026-09-04 · source: Yahoo Finance

Microsoft operates across Cloud, AI infrastructure, In-house silicon. It is +4% in 2026. The supply side (avg +95.8%) has moved harder than the stock (+4%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Nebius Group (+170.5%) and the furthest behind is Costco Wholesale (+6.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. As Nvidia’s largest GPU buyer, plus AMD, TSMC and its own Maia silicon, it is a key demand sink for AI chips.

Analysis generated from returns as of 2026-09-04

Analyst ratings

Consensus: Buy 4 · Hold 1 · Sell 0 · Avg. target $578 · Price $499.7 (09-04) · Upside +16%

BrokerRatingTargetPublished
Stifel Nicolaus · Brad RebackHold$400Jun 25, 2026Report ↗
Bernstein · Mark MoerdlerBuy$646Jun 11, 2026Report ↗
Citigroup · Tyler RadkeBuy$620Jun 5, 2026Report ↗
Wells Fargo · Michael TurrinOverweight$650Jun 1, 2026Report ↗
Wedbush · Dan IvesOutperform$575May 13, 2026Report ↗

Stays cautious on full valuation and heavy AI capex intensity; at $400 it is the most conservative target among major-broker coverage.

Analyses covering this node

← All companiesMarkdown · JSON · Customers · Suppliers · Ripple · Consensus

For information only, not investment advice. Content on this site is generated by AI from verified, cross-checked sources and may contain errors.

© 2026 Willow Investments, Inc.Company value-chain data · contact@willowinvt.com