Microsoft's Anthropic bet pays $3.2B, OpenAI investment dips $600M
Microsoft's $5B Anthropic investment yields $3.2B quarterly gain while OpenAI drags.
In its fiscal Q4 2026 earnings (ending June 30), Microsoft disclosed a $3.2 billion gain on its $5 billion investment in Anthropic, made in November 2025. This gain added $0.33 to diluted EPS ($4.81 total). The Anthropic investment is part of a circular deal where the AI lab also committed to purchase $30 billion in Azure services. Microsoft does not revalue this investment quarterly.
In contrast, Microsoft's investment in OpenAI (27% stake) was written down by $600 million in the same quarter, reducing EPS by $0.07. However, on a full-year basis, OpenAI contributed a $5 billion gain and $0.67 to EPS. The quarterly write-down is a rounding error for Microsoft, which reported $90 billion in quarterly revenue and $35.8 billion net income. The stark difference in quarterly performance—Anthropic's $3.2B gain vs OpenAI's $600M loss—prompted Microsoft to disclose the unusual divergence.
- Microsoft's Anthropic investment (5B) yielded a 3.2B gain in Q4 FY2026, boosting EPS by 33 cents.
- OpenAI investment was marked down 600M in the same quarter, reducing EPS by 7 cents.
- Over full fiscal year, OpenAI generated 5B gain, while Anthropic's single-quarter gain nearly matched that.
Why It Matters
Microsoft's dual AI stakes show rapid value shifts, influencing investor sentiment toward AI partnership strategies.