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Microsoft $MSFT reports after the close tonight. The June quarter is mostly settled, guidance was given in April and analysts expect it to be met. What is new is the spending plan. Tonight is the fiscal year end, so it brings the first budget for the year ahead. The current one is about $190 billion this calendar year on data centers and chips. Every estimate for next year is higher. That money does not hit profits all at once. It gets spread over years, and the first place it lands is cloud margins, which have been falling steadily as the buildout grows. Azure is the business that has to cover it. It grew 40% last quarter and demand is still ahead of what Microsoft can build. Alphabet took this same test last week. Strong quarter, bigger spending plan, but the stock down 7% the next day. So tonight comes down to one thing. Is Azure growing fast enough to justify a bigger number?