Microsoft's Azure cloud-computing business delivered another quarter of blockbuster growth on Wednesday, powering revenue above Wall Street's expectations and showcasing the growing returns on its massive artificial intelligence bets.

Microsoft Corp. said it will spend more than $30 billion in the current quarter to build out the data centers powering its artificial intelligence services.

Microsoft significantly exceeded earnings expectations for the June quarter and disclosed its standalone annual Azure revenue for the first time — providing new clarity into how it stacks up against Amazon and Google in the cloud.