Rishi Jaluria

Managing Director, Software Equity Research, RBC Capital Markets, Royal Bank of Canada

Search every verified Rishi Jaluria interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Rishi Jaluria, managing director of software equity research at RBC Capital Markets, appeared on Bloomberg Television on July 29, 2026, to discuss Microsoft's fourth-quarter earnings. He described the results as "fantastic," citing Azure's 43% constant currency growth, which exceeded expectations of around 40%, and noted that capital expenditures were lighter than feared in the quarter. He also highlighted record additions of 10 million Office Copilot users, double the previous quarter's figure, and said Microsoft 365 Copilot reached over 30 million paid seats. Regarding Microsoft's capital spending outlook, Jaluria said he expects "very high growth" in capital expenditures next year, attributing this to a strategy of erring on the side of overbuilding rather than underbuilding, given past mistakes from pumping the brakes on CapEx. He noted that Microsoft has third-party cloud deals with OCI and others that it could bring back in-house if capacity is overbuilt, and he observed that the largest hyperscalers are collectively spending an amount comparable to the GDP of Sweden. On Office Copilot, Jaluria said customer feedback has improved since product changes in November, and he suggested the product's stickiness is increasing, with Microsoft integrating Anthropic's CoWork into its office suite rather than losing customers to it.