Microsoft isn't FANG, and even then, who do you think Microsoft's B2B customers serve and get their revenue from?

Even those that are still B2B eventually need cash flows from consumer businesses. Hence the statement that we won't fully realize the losses until Q3. Less spending by consumers depresses all businesses, some sooner than others, but FANGs are definitely hurting.

>who do you think Microsoft's B2B customers serve and get their revenue from

The cool thing about B2B, as opposed to consumer offerings, is that the contracts on those are usually multi-year. Just because the client enterprise suddenly receives less revenue from customers, it doesn't mean that they would be able to stop paying MSFT until the contract term is over. Unless this current lockdown situation lasts multiple years, it shouldn't affect things significantly.

That's not how B2B contracts work. They have clauses for breaking them. They are not paid out in bankruptcy. They tend to scale per variables like users or calls.

AirBnB is now paying for 7000 less exchange accounts and office licenses, and you have yet to explain how FANGs are doing well.

Bankruptcies, Bankruptcies, Bankruptcies. All these contracts go underwater once the companies file chapter-11. Gold Gym has already started, most retailers are following the suit. That said, Microsoft (my previous employer) is well diversified to come out net positive or neutral.