is down approximately 20% in the last 12 months. Most of the news around the company has been negative.

There have been layoffs, significant ongoing capital expenditures to support its artificial intelligence ambitions, cost pressures in its gaming division, and the ongoing transformation of Microsoft’s relationship with OpenAI.

That’s created significant noise around the company and takes away from the fact that the company’s business is doing just fine.

Significantly, investors are only paying about 22x earnings to own MSFT. That has some investors crying foul due to the company’s self-reported $80.1 billion in capital expenditures in the nine months ending March 31, 2026.

But there’s more nuance to that story than may…