Microsoft just dropped a $392B cloud backlog bomb that most people are sleeping on. Here's the thing: Azure is growing 40% YoY, but the backlog jumped 51% — meaning they literally can't build servers fast enough to cash in. That's the definition of a good problem.

Q1 numbers: $77.7B revenue (up 18% YoY), EPS up 13%. Not mind-blowing, but solid. The real story? Azure is becoming THE infrastructure play for the entire AI boom. While Google Cloud's growing 34%, Azure's at 40% — and investors clearly prefer Microsoft's execution.

The catch: MSFT trades at 39x earnings vs Alphabet at 30x. Is the premium worth it? Microsoft's sitting on a gold mine of future AI contracts, but at $4T market cap with such a chunky valuation, you're basically betting on perfect execution. The backlog gives them a multi-year revenue runway, but don't expect surprises on the upside.