Microsoft’s blockbuster earnings last week cemented its status as one of the biggest winners of the artificial-intelligence boom. Investors should draw additional comfort from what is happening with less fanfare elsewhere in its business.

Outside the AI race, Microsoft is minting money from corporate customers spending on regular technology—long a sweet spot for the company.

Many companies are shifting from buying their own IT equipment to renting it from Microsoft through its cloud-computing service. They are also renting more standard-issue computing stuff—hard drives for data storage, for example—to support their AI efforts.

A large chunk of the recent strong growth in Microsoft’s cloud business, called Azure, stems from that. More than half of Azure’s 33% revenue jump in the company’s March quarter came from non-AI services. While the company didn’t give a comparable breakdown of the cloud unit’s 39% growth in its June quarter, it said the “core infrastructure business”—Microsoft lingo for its non-AI cloud business—was the driver.

And that isn’t the only non-AI area in which Microsoft is growing. The company’s Microsoft 365 Commercial cloud business, which houses remotely accessed versions of its Word, Excel and other productivity software for companies, grew 16% from a year earlier in the June quarter, an acceleration versus the previous period. Revenue from productivity software for consumers grew 20%, its best uptick in years.

In one sense, investors might prefer to see AI businesses driving growth. That, after all, is what has driven the company’s valuation through the roof. But tech companies’ stocks arguably hinge too much on AI; to the extent that they can keep increasing other revenue streams, they are on more solid financial ground.

Microsoft’s non-AI business also benefits from a symbiosis with its AI efforts. The company’s Copilot AI assistants for software products like Word and Excel brought in a record number of new users in the June quarter, Chief Executive Satya Nadella said Wednesday. Many of those users are likely to stick around and use its non-AI software even if Copilot turns out to be a dud.

There is another silver lining for Microsoft: non-AI sales can be substantially more lucrative than AI ones. Non-AI gross margins within Azure were around 73% in Microsoft’s March quarter, Bernstein Research analyst Mark Moerdler estimated. That compared with a 30% to 40% gross margin for AI, he estimated, because of the huge cost of setting up AI infrastructure.

Luckily for Microsoft, demand for lucrative non-AI services appears to be reasonably strong. Measures of broad IT spending were fairly muted at the start of the year as companies pondered the impact of President Trump’s tariffs and concerns bubbled about the health of the global economy. Attitudes appear to have improved somewhat in the second quarter, though.

A UBS survey of cloud-computing customers in July showed a “clear improvement in tone” about spending. Most were moving forward with efforts to migrate computing work to the cloud, it said, a reversal from an April survey that showed trepidation.

In the longer term, there is little question that cloud computing is going to grow in ways that play to Microsoft’s strengths. Its rivals—mainly Amazon.com and Google—are growing quickly too, but don’t have all of Microsoft’s broad corporate software offerings that enhance its cloud footprint, even outside AI. Amazon on Thursday said its cloud unit grew 17.5% in the June quarter, disappointing investors and forcing Chief Executive Andy Jassy to answer to Azure’s outperformance. Recent quarterly swings in Azure’s favor were “really just moments in time,” he said. The company’s stock fell around 8% on Friday.

The question for Microsoft’s investors, then, is less about its prospects than its valuation. The company’s stock is up nearly 40% since the beginning of April, pushing its forward price/earnings multiple above 33. That is a bit richer than Amazon and a large margin above Google’s parent, Alphabet, which is trading at a multiple of roughly 18 times forward earnings.

That should be easier for investors to digest because while Microsoft’s AI growth is real, it is far from the only thing going right at the software giant.