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    MSFT Trading Near 2018 Valuation: AI Capex Risk, Azure Proof, Copilot Payback

    Seeking Alpha’s latest bullish Microsoft note argues that MSFT, as of late June 2026, is trading at valuation levels not seen since 2018, after a year in which investors punished the company for massive AI infrastructure spending and questioned whether Azure’s growth could justify the bill. The...
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