Bloomberg Intelligence Senior Analyst Anurag Rana says Microsoft's critical software portfolio and AI sales could offset weakness due to rising economic uncertainty in other business areas, such as non-AI cloud spending, advertising and seat growth in Office. Rana believes that although products like Office and Windows aren't particularly susceptible to tariff shocks, gains in new users will likely be challenging through 2025. Bloomberg Intelligence also says the non-AI Azure expansion rate could suffer as enterprises cut back on cloud consumption to save costs. In addition, he notes the relationship with OpenAI positions Microsoft to capture increased AI spending, and the company could top $20 billion in AI sales this year.   

For more on upcoming earnings from Microsoft, along with other big tech companies, Rana speaks with Bloomberg's Paul Sweeney and Isabelle Lee.