Key Highlights

  • Microsoft (NASDAQ:MSFT) Revenue totals USD 332B, led by Server Products and Cloud Services at 39% of the total, or USD 129B, up 31%, with Microsoft 365 Commercial Products and Cloud Services at 30.7% and USD 102B, according to a published scorecard.
  • Nvidia (NASDAQ:NVDA) revenue of USD 216B is led by Compute & Networking at 89.6%, or USD 193B, up 67%, while Graphics is 10.4%, or USD 22.5B, up 57%, a published scorecard shows.
  • Fiscal 2025 revenue at Broadcom (NASDAQ:AVGO) was USD 63.9B, with Semiconductor Solutions at 57.7% and USD 36.9B, up 22%, and Infrastructure Software at 42.3% and USD 27B, up 26%, according to a published scorecard.
  • Fiscal 2025 revenue at Spotify Technology (NYSE:SPOT) was USD 20.2B, with the Premium segment at 89.5% and USD 18.1B, up 25%, and the Ad-Supported segment at 10.5% and USD 2.1B, up 13%, a published scorecard shows.

Microsoft (MSFT) Cloud And Software

The scorecard reports revenue of USD 332B for Microsoft (NASDAQ:MSFT), split into four named segments and a group of six smaller ones. Server Products and Cloud Services leads with 39% of the total, or USD 129B, up 31% from a year earlier. Microsoft 365 Commercial Products and Cloud Services follows at 30.7%, or USD 102B, up 16%. Gaming is 6.6%, or USD 21.8B, down 7%, and LinkedIn is 6%, or USD 19.8B, up 11%. Simple arithmetic on the two largest shares gives about 69.7% of revenue from cloud infrastructure and workplace subscriptions combined. Large enterprises and government bodies carry the business, according to the scorecard, renting Azure capacity and buying Microsoft 365 seats, and most revenue is subscriptions and consumption contracts, not one-time licences. Revenue is 51% United States and 49% rest of the world. On valuation, the scorecard shows a trailing price to Earnings ratio of 27.7x against a five-year average of 32.2x at USD 531.01. Its own label is Buy, with a composite of 4.5 out of 5, which is the scorecard's output and not our recommendation. Roughly 70% of revenue sits in two segments, so product concentration is the risk to follow.

Nvidia (NVDA) Compute Systems

The scorecard splits Nvidia (NASDAQ:NVDA) revenue of USD 216B into two segments. Compute & Networking is 89.6% of the total, or USD 193B, up 67% in a year, and covers Data Center graphics processors, the Grace central processor and networking, sold as complete racks rather than loose parts. Graphics is 10.4%, or USD 22.5B, up 57%. The buyers are cloud service providers, AI model makers, neocloud operators and sovereign computing programmes. By geography, revenue is 69% United States, 20% Taiwan, 9% China and 2% rest of the world. The scorecard notes that one direct customer was 22% of fiscal 2026 revenue and a second was 14%, and that spending arrives in waves. Margins in the scorecard are a 74.7% gross Margin and a 65.2% operating margin. It rates the valuation attractive at a trailing price to earnings ratio of 26.9x against an average of 59.6x, with the price at USD 213.17, and its label is Buy with a composite of 4.3 out of 5. That label is the scorecard's output, not advice. The scorecard names export policy and customers designing their own accelerators as risks.

Broadcom (AVGO) Chips And Software

According to the scorecard, Broadcom (NASDAQ:AVGO) sells two things: semiconductor solutions and infrastructure software. Of fiscal 2025 revenue of USD 63.9B, Semiconductor Solutions contributed USD 36.9B, or 57.7%, up 22%, while Infrastructure Software contributed USD 27B, or 42.3%, up 26%. The scorecard describes much of the software half as acquired and run for margin, with renewal revenue that sits against the cycles of the chip side. Custom chips are built into multi-year platforms, so changing supplier means a migration. The scorecard lists margins of 68.8% gross and 48.0% operating, on trailing twelve month revenue of USD 89.1B. The concentration is notable. One distributor in the semiconductor segment was 32% of fiscal 2025 net revenue, up from 28% and 21% in the two prior years, and about 95% of contract-manufactured wafers came from one foundry. The scorecard rates the valuation Expensive at 2 of 5 on a trailing price to earnings ratio of 43.6x against an average of 52.7x, with the shares at USD 341.40. Its label is Watch, with a composite of 4.3 out of 5. That label is the scorecard's output only.

Spotify (SPOT) Premium Streaming

Spotify Technology (NYSE:SPOT) runs an audio streaming service, and the scorecard sums up its mission as delivering creativity to the world. Listeners reach music, podcasts and audiobooks either free with Advertising or through a paid subscription. Fiscal 2025 revenue of USD 20.2B split into Premium at USD 18.1B, or 89.5%, up 25%, and Ad-Supported at USD 2.1B, or 10.5%, up 13%. The company reports about 300 million subscribers and no customer at or above 10% of revenue, and by geography the United States provides 36% of revenue and the rest of the world 64%. The scorecard lists margins of 32.8% gross and 14.6% operating, and rates the moat Thin at 2 of 5. The main cost is negotiated with four rights holders and, in the United States, set by a Royalty board. On valuation the scorecard shows a trailing price to earnings ratio of 32.8x against an average of 89.0x at USD 526.08, scores it Attractive at 4 of 5, and labels the stock Watch with a composite of 3.3 out of 5. That is the scorecard's output, not our advice. Earnings estimates have been missed more often than beaten.

Where Things Stand

A published scorecard found four different Business models. Microsoft (NASDAQ:MSFT) earns from cloud and software subscriptions. Nvidia (NASDAQ:NVDA) sells complete AI computing systems. Broadcom (NASDAQ:AVGO) sells custom chips and renewal software. Spotify Technology (NYSE:SPOT) relies on Premium subscriptions. The scorecard labels two as Buy and two as Watch, and these labels are its own output, not our recommendation or Investment advice. Each business has named risks, from customer concentration to rights costs and export policy, and none of the scorecard's views is a forecast. Readers can follow the next quarterly results at each company for evidence on those risks.