E.g. When I want to revoke my Office365 app tokens, I have to first authenticate into Azure. So from my perspective, Office365 is part of Azure, functionally.
So, is Office365 (including Teams) hosted in the Azure cloud? If Office365 is not hosted in Azure, then where? In AWS? Google Cloud? Seems unlikely...
M365 is part of Microsoft’s Azure infrastructure, but it’s not the same. It causes a lot of confusion among customers, but they are two discrete offerings. Azure is their cloud. Azure AD is their identity PaaS. M365 is their office suite PaaS. Azure, M365, and Teams ride on the same backbone, so you’re technically correct.
The original argument was that Microsoft was barely holding it together with just Office as their revenue generator, and that’s just completely and utterly false. Azure consumption, Teams consumption, and M365 are their heavy hitters. There’s also XBox and Windows. Microsoft’s offerings are massive, and to say that Windows is a loss leader is absurd.