According to CoinMeta and research by ChaoXiang, Bernstein pointed out in a research report on August 10 that Microsoft's leasing liabilities had increased to $114.4 billion, with future leasing obligations rising to $329.1 billion, and procurement commitments for the fiscal year 2027 reaching $169 billion. The report suggests that the market has misinterpreted these figures. The existing leases are spread over a 13-year period, with rent payments due in 2027 amounting to approximately $13.2 billion. The $329.1 billion in future leases will commence between 2027 and 2033, and of the $169 billion in procurement commitments, only $25 billion is scheduled for the fiscal year 2028 and thereafter. Bernstein maintains its rating of Microsoft outperforming the market, raising its target price from $647 to $660 and increasing the price-earnings ratio multiple from 26.5 to 27 times.