Microsoft books a $3.2B gain on its Anthropic stake — and marks OpenAI down about $600M

In fourth-quarter FY26 results reported on 29 July 2026, Microsoft recorded a $3.2 billion gain on the Anthropic investment it made in November 2025, adding about 33 cents to diluted earnings per share of $4.81. The same quarter marked its OpenAI position down roughly $600 million, about 7 cents a share. Microsoft put $5 billion into Anthropic as part of an arrangement under which the lab agreed to buy $30 billion of Azure services, and it does not revalue that stake every quarter.

What it means The circular compute deals now show up as earnings-per-share swings in both directions — a real number to set against "who is funding whom".