Microsoft (MSFT) stock is in focus after HSBC put a number on what its Anthropic deal could actually be worth — and it’s a big one.
HSBC analyst Stephen Bersey estimates the partnership could generate $43 billion in annual revenue for Microsoft by 2030. That would be a major lift for a company that currently earns a “minimal” amount from the Anthropic relationship.
The math goes like this: HSBC projects Anthropic could hit $241B in revenue by 2030, up from less than $5B in 2025. If Anthropic spends 60% of that revenue on compute, that’s a $144B annual cloud infrastructure opportunity. Microsoft Azure capturing 30% of that spending would equal roughly $43B a year.
Bersey maintained a Buy rating on MSFT with a $571 price target.
Microsoft struck the deal in November 2025, committing $5B to Anthropic alongside chipmaker Nvidia. In return, Anthropic agreed to spend $30B on Azure compute and contract additional capacity up to one gigawatt.
Right now, Anthropic accounts for roughly 5% of Microsoft’s remaining performance obligations (RPO). OpenAI, by comparison, accounts for around 46%. That gap leaves plenty of room for the Anthropic piece to grow.
Microsoft’s current financials are already strong. The company carries a P/E ratio of 24.76x, an operating margin of 46.8%, and a net margin of 39.34%.
Its GF Score stands at 96 out of 100, with perfect 10/10 ratings for both profitability and growth. Financial strength is rated 8 out of 10.
Insider activity over the past three months shows $5.6M in selling across two transactions, with no buying recorded. That’s worth keeping an eye on, though it’s not unusual for executives to sell at these price levels.
HSBC’s $571 price target represents Bersey’s current view on fair value. Microsoft’s market cap sits at approximately $3.09 trillion.
The Anthropic deal remains in early stages on the revenue side, but HSBC sees it as a meaningful long-term growth driver if Azure can hold its market share position through the end of the decade.
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