According to job listings posted on Microsoft’s site, Bing team is working on “next-generation of intelligent cloud services for developers on all screen sizes,”. There is a separate Augmented Reality team within Bing team and they working on Augmented Reality framework and Augmented Reality applications for Windows 8 platform.
Mary Jo Foley from ZDNet describes the following on Bing AR team,
This AR-focused Bing team is working on everything from camera tracking, to visual and audio recognition, to optical character recognition and translation and vision-based natural-user interfaces….
But the Bing AR team — which is staffing up further — also is working on an AR software development kit (SDK) for third-party developers interested in buildng AR apps; Microsoft-developed and -branded AR apps and games using this SDK; and a Windows Azure-based cloud framework for supporting both the Microsoft- and third-party AR apps.