Microsoft said to expect 34% to 35% growth in Azure revenue on a constant-current basis for the June quarter, but investors likely are looking for a bit more from the cloud-computing unit. Bernstein's Mark Moerdler said that the "buy-side bogey" on that metric is something like 35% to 36%.

Microsoft plans to invest more than $30 billion in capital spending next quarter —a new high — to meet surging AI and cloud demand.

Microsoft could shell out $30 billion for capital expenditures this quarter, according to its own projections, and that's an eye-popping number. But CFO Amy Hood sought to put that big number in perspective on the company's earnings call.