Microsoft books a $3.2B Anthropic gain

Microsoft booked a $3.2 billion quarterly gain on its Anthropic investment, nearly two-thirds of the $5 billion gain its OpenAI stake produced across the full fiscal year. Microsoft’s earnings release also shows OpenAI added $480 million to fourth-quarter net income, clarifying that the reported $600 million accounting mark was not a loss. After AMD committed up to $5 billion to Anthropic, operators should file this as another sign that strategic AI partnerships increasingly function as both supply contracts and volatile balance-sheet assets.