HSBC estimates Microsoft's partnership deal with Anthropic could bring the company $43 billion in new revenue over time.

Microsoft is partnering with Anthropic, which needs computing power to run and improve its AI models. Microsoft can provide that through Azure while selling related tools and services to business customers.

HSBC estimates the deal could bring Microsoft as much as $43 billion in new revenue over time. This is considered meaningful even for a company of Microsoft's size.

For shareholders, the deal matters because it gives Microsoft another path to grow its cloud business beyond its existing software base. Azure growth will be a key signal to watch as demand from Anthropic and other customers continues.