capex cycle

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...

Microsoft’s recent wobble may feel abrupt, but the elements that made the run-up possible — an aggressive AI build‑out, powerful distribution into enterprises, and a seat‑based monetization play — were always going to create a fragile, timing‑sensitive payoff. The Seeking Alpha piece that...