Microsoft Copilot Crosses 20M Paid Seats, AI Business Hits $37B Run Rate — Nadella Plans $190B 2026 Investment

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Microsoft 365 Copilot paid seats crossed 20 million (up from 15M in January, 250%+ YoY) as the company's AI business surpassed a $37 billion annual revenue run rate (+123% YoY). CEO Satya Nadella signaled a shift from per-user to per-user-and-usage pricing, stating 'Any per-user business of ours will become a per-user and usage business.' Microsoft plans to invest $190 billion in AI and cloud infrastructure in 2026.