Microsoft stock is hovering near $386 ahead of the company’s fiscal 2026 fourth-quarter earnings report on July 29, as investors await clarity on cloud growth and artificial intelligence spending returns. The stock closed at $385.10 on July 10, 2026, down roughly 20 percent year-to-date despite a 52-week high of $555.45 set earlier in the year.

The decline reflects investor concerns about slowing growth in Microsoft’s Azure cloud platform and heavy capital expenditures on AI infrastructure. Multiple quarters of slower-than-expected cloud growth have weighed on the stock, with investors questioning the return on investment from the company’s aggressive AI spending.

For Q4 2026, analysts expect Microsoft to report earnings per…