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Published: August 3, 2026 by Rich Duprey
Cloud backlogs are quietly piling up to a scale that most investors have not yet noticed, and the pricing dynamics inside those contracts may reshape expectations for tech profits in a way that few earnings seasons have signaled this clearly.
Goldman Sachs just moved Microsoft to its highest-conviction buy list, and the reasoning has less to do with AI hype than with a quiet but fundamental shift in where the real money from artificial intelligence actually lands.
