In contrast, other tech players such as UiPath Inc. PATH and VMware may face share losses. Strong AI tailwinds are expected to fuel higher Azure consumption and support Microsoft's long-term earnings growth trajectory. Schwartz highlights that under a bull-case scenario for 2026, Microsoft's AI-related revenue could rise to $45 billion -- 30% of Azure's projected $150 billion total. EPS is modeled at $17.71, with a P/E multiple of 35x, implying a stock price of $625, or 26% upside. Free cash flow could hit $94 billion, with a similar valuation yielding the same price forecast. Projected Growth Speeds Ahead The analyst estimates Microsoft's AI revenue could reach $67 billion by fiscal year 2027, making up 39% of Azure's total.