Key Highlights

  • According to a published scorecard, Microsoft (NASDAQ:MSFT) has Revenue of USD 332B, with Server Products and Cloud Services the largest piece at 39%, or USD 129B, up 31%, and Microsoft 365 Commercial Products and Cloud Services at 30.7%, or USD 102B.
  • A published scorecard shows Nvidia (NASDAQ:NVDA) revenue of USD 216B, where Compute & Networking makes up 89.6%, or USD 193B, up 67%, and Graphics makes up 10.4%, or USD 22.5B, up 57%.
  • Per a published scorecard, fiscal 2025 revenue at Broadcom (NASDAQ:AVGO) came to USD 63.9B, split between Semiconductor Solutions (57.7%, USD 36.9B, up 22%) and Infrastructure Software (42.3%, USD 27B, up 26%).
  • A published scorecard shows that Spotify Technology (NYSE:SPOT) earned USD 20.2B in fiscal 2025 across Premium at 89.5% and USD 18.1B, up 25%, and Ad-Supported at 10.5% and USD 2.1B, up 13%.

Microsoft (MSFT): Cloud And Software

Revenue of USD 332B at Microsoft (NASDAQ:MSFT) is broken down in the scorecard into four named segments and a bundle of six smaller ones. The biggest is Server Products and Cloud Services, with USD 129B, or 39%, up 31% from a year earlier. Microsoft 365 Commercial Products and Cloud Services is second with USD 102B, or 30.7%, up 16%. Gaming brings in 6.6%, or USD 21.8B, down 7%, and LinkedIn 6%, or USD 19.8B, up 11%. Combining the two largest shares is simple arithmetic and yields roughly 69.7% of revenue from cloud infrastructure and workplace subscriptions together. The scorecard explains that big enterprises and government bodies carry the business, renting Azure capacity and buying Microsoft 365 seats, and that most revenue is subscriptions and consumption contracts rather than one-time licences. By region, 51% of revenue is United States and 49% is rest of the world. On valuation, the scorecard shows USD 531.01 as the price, with a trailing price to Earnings ratio of 27.7x compared with a five-year average of 32.2x. It labels the company Buy, with a composite of 4.5 out of 5; this is the scorecard's output, not our recommendation. Product concentration is the risk to follow, since about 70% of revenue sits in two segments.

Nvidia (NVDA): Compute Systems

Two segments make up the USD 216B of revenue that the scorecard shows for Nvidia (NASDAQ:NVDA). Compute & Networking, at USD 193B or 89.6% of the total and up 67% in a year, includes Data Center graphics processors, the Grace central processor and networking, all sold as complete racks rather than loose parts. Graphics adds USD 22.5B, or 10.4%, up 57%. Customers are cloud service providers, AI model makers, neocloud operators and sovereign computing programmes. Looking at geography, the United States is 69% of revenue, Taiwan 20%, China 9% and the rest of the world 2%. The scorecard observes that spending comes in waves and that one direct customer accounted for 22% of fiscal 2026 revenue, with a second at 14%. Gross Margin is 74.7% and Operating Margin 65.2% in the scorecard. Valuation is rated attractive: a trailing price to earnings ratio of 26.9x sits against an average of 59.6x, with the price at USD 213.17. The label is Buy, with a composite of 4.3 out of 5, and it is the scorecard's output rather than advice. Among the risks the scorecard names are export policy and customers that design their own accelerators.

Broadcom (AVGO): Chips And Software

Two businesses sit inside Broadcom (NASDAQ:AVGO), says the scorecard: semiconductor solutions and infrastructure software. Of USD 63.9B in fiscal 2025 revenue, USD 36.9B came from Semiconductor Solutions (57.7%, up 22%) and USD 27B from Infrastructure Software (42.3%, up 26%). In the scorecard's description, a good deal of the software half was acquired and is managed for margin, and its renewal revenue runs against the cycles of the chip half. Custom chips are designed into platforms lasting several years, which means a change of supplier involves migration. Trailing twelve month revenue is USD 89.1B, with margins of 68.8% gross and 48.0% operating in the scorecard. Concentration is notable: a single distributor in the semiconductor segment made up 32% of fiscal 2025 net revenue, up from 28% and 21% in the two earlier years, and about 95% of contract-manufactured wafers came from one foundry. Expensive, at 2 of 5, is the scorecard's valuation rating, based on a trailing price to earnings ratio of 43.6x versus an average of 52.7x and a share price of USD 341.40. Its label is Watch with a composite of 4.3 out of 5, which is the scorecard's output only.

Spotify Technology (SPOT): Premium Streaming

Delivering creativity to the world is how the scorecard sums up the mission of Spotify Technology (NYSE:SPOT), which runs an audio streaming service. Listeners get music, podcasts and audiobooks free with Advertising or on a paid subscription. Premium accounted for USD 18.1B of the USD 20.2B fiscal 2025 revenue, a share of 89.5% and growth of 25%, while Ad-Supported accounted for USD 2.1B, or 10.5%, up 13%. The company reports about 300 million subscribers and no customer at or above 10% of revenue; the United States provides 36% of revenue by geography and the rest of the world 64%. Gross margin in the scorecard is 32.8% and operating margin 14.6%, and the moat gets a Thin rating of 2 of 5. Four rights holders negotiate the main cost, which in the United States a Royalty board sets. At USD 526.08, the scorecard shows a trailing price to earnings ratio of 32.8x against an average of 89.0x, scores valuation Attractive at 4 of 5, and gives the stock a Watch label 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

The published scorecard portrays four distinct Business models. Microsoft (NASDAQ:MSFT) earns through cloud and software subscriptions. Selling complete AI computing systems is the Nvidia (NASDAQ:NVDA) model. Custom chips and renewal software are the products of Broadcom (NASDAQ:AVGO). Spotify Technology (NYSE:SPOT) leans on Premium subscriptions. Buy goes to two of them and Watch to the other two, and these labels are the scorecard's own output rather than our recommendation or Investment advice. Named risks differ by business, from customer concentration to rights costs and export policy, and none of the scorecard's views is a forecast. Each company's next quarterly results will offer evidence on those risks.