In Q4, Microsoft's Anthropic investment saw a $3.2B gain, while its OpenAI investment was marked down ~$600M but has generated a $5B gain on a full-year basis (Julie Bort/TechCrunch)
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- Microsoft reported a $3.2 billion gain on its Anthropic investment in Q4 of fiscal 2026, which ended June 30.
- Microsoft simultaneously marked down its OpenAI investment by roughly $600 million in the same quarter, though the position still generated a $5 billion gain on a full-year basis.
Why it matters: The diverging quarterly outcomes — a $3.2B Anthropic gain against a $600M OpenAI markdown — show that Microsoft's two marquee AI bets are no longer moving in lockstep on valuation, even as the OpenAI stake still delivered a $5B full-year return.
