backlog concentration

Microsoft’s valuation reset is not a simple multiple play — it’s a market verdict on execution risk, capital intensity, and how fast AI investments translate into durable, monetizable revenues. Investors have pushed the stock back into the mid-20s in trailing and forward P/E land not because...

Microsoft’s post‑earnings rout last week was not a failure of growth — it was a market verdict on execution risk and capital intensity in the company’s AI pivot. Investors punished the stock not because revenue missed, but because Microsoft shifted the debate from “how fast can AI drive...