💻 **Microsoft Resells the Frontier**

• Google Cloud grew **82% YoY** last quarter vs Azure's **43%** — Google now compounds nearly 2x faster than Microsoft and ~3x AWS's 28%.
• Google owns its models and chips, capturing the margin a reseller pays away; cloud operating margin expanded from 20.7% to 35.6%.
• Microsoft's **$678B** contracted backlog is the largest of the three, but ~$220B of the ~$310B added this year traces to a single customer (OpenAI).
• Nvidia's 5-year CDS hit a record **82bps** in July amid concerns over circular AI financing between Nvidia, OpenAI, Oracle and the hyperscalers.
• _Nadella frames reselling as flexibility — "every model is substitutable" — but it means paying someone else's margin on every incremental workload._

[🔗 Read more](/leaving?url=aHR0cHM6Ly90b210dW5ndXouY29tL21pY3Jvc29mdC1yZXNlbGxzLXRoZS1mcm9udGllcg==)
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