Microsoft jumped past the $4 trillion market value mark Thursday, joining Nvidia as only the second public company ever to achieve the financial feat.

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%.