With soaring cloud revenues, plunging Windows and device revenues, and a few days into a substantial layoff, Microsoft’s first quarter results feel a bit like a quote from Dickens. The best of times: “The next major wave of computing is being born,” as Microsoft reported 31 percent revenue growth in its Intelligent Cloud business, a day after Microsoft invested again in OpenAI and its chat service, ChatGPT. ChatGPT will run on top of Microsoft’s Azure cloud. The worst of...

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