Microsoft boasts a strong credit rating and has managed to maintain positive free cash flow, unlike Meta, Alphabet and Amazon.
The software giant, and one of the premier AI hyperscalers, drew more than four times demand for its 10-part debt sale Thursday
Microsoft is seeking to raise at least $25 billion through its first US bond sale since 2017, testing investor appetite for AI-linked debt amid rising borrowing costs and spending concerns.
Microsoft's Azure cloud business grew 48% in the September quarter, while free cash flow reached $18.6 billion, easing investor concerns over mounting AI infrastructure spending.
Cramer called Microsoft a buy after strong earnings, while remaining more cautious on Alphabet.
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