Quick Read

• Microsoft (MSFT) reported Q3 FY26 capex of $30.88B, up 84.39% YoY, while its AI business surpassed a $37B annual revenue run rate, up 123% YoY, yet shares remain down 6.49% YTD as investors demand proof that massive infrastructure spending will generate returns.

• Microsoft’s path to a $650 share price by June 2027 requires 44.4% upside and hinges on AI capex returns materializing, with Azure growth staying above 35% and the operating margin holding near 46.3% TTM.

• Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Microsoft didn’t make the cut. Grab the names FREE today.

Microsoft (NASDAQ:MSFT) just posted a quarter that should have shares ripping higher. Instead, the…