Microsoft said to expect 34% to 35% growth in Azure revenue on a constant-current basis for the June quarter, but investors likely are looking for a bit more from the cloud-computing unit. Bernstein's Mark Moerdler said that the "buy-side bogey" on that metric is something like 35% to 36%.

Microsoft stock surged on better-than-expected financial results for its latest quarter and strong guidance, putting the tech giant on track to hit a $4 trillion market cap. The beat was driven in part by double-digit revenue growth in the tech firm’s closely watched Azure cloud business.

Earnings from more of the "Magnificent 7" have propelled markets higher this week, with stand out results fuelling further investor optimism around these tech behemoths. The latest earnings season has been another test for the group,