Microsoft logs $3.2B gain from Anthropic, takes $600M write-down on OpenAI

Microsoft logs $3.2B from Anthropic investment, but OpenAI was a mixed bag

Microsoft's Q4 FY2026 earnings included a $3.2B unrealized gain on its $5B Anthropic investment, adding $0.33 to diluted EPS. Its OpenAI stake was written down by roughly $600M, shaving $0.07 off EPS. Microsoft owns about 27% of OpenAI and also receives revenue-share payments, but the amounts aren't disclosed. On a full-year basis the OpenAI investment looks much better, though the post doesn't give the annual figure. With $90B in quarterly revenue and $35.8B net income, the write-down was a rounding error.

Why it matters: Microsoft's earnings give the first concrete quarterly P&L on its Anthropic and OpenAI stakes—rare, specific numbers that AI investors will benchmark. Capped below 85 because it's financial accounting, not a product or tech milestone, and the OpenAI profit-share detail is miss...