HomeAI Dividend: Growth Dollars, Share of Growth, AI Revenue
Share of the Growth: Each Company's Cut of the Three Public Clouds' YoY Increment
Share of the Growth: Each Company's Cut of the Three Public Clouds' YoY Increment#
Who captures the AI dividend shows up in share of new revenue, not installed share: Azure's cut fell from 47% to 28% while Google Cloud's rose from 22% to 36%.Draft, pending review
How to read this chart
Installed share moves slowly; share of new revenue reflects competitiveness right now. One reading is that in-house chips (TPU, Trainium) are the deciding factor, and Microsoft's lack of a top-tier chip is why its share of the increment is slipping.
Source: Company filings and earnings calls; FinSight compilation and estimates · Updated 2026-09-03
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