Key Takeaways AI capex fatigue and higher yields are driving rotation from growth into value and defensive sectors.Broader market breadth shows leadership expanding beyond mega-cap tech dominance.Staples, utilities, dividend and small-cap ETFs are gaining momentum amid the shift.Wall Street is currently witnessing the “Great Rotation,” with investors shunning hot technology stocks in favor of smaller companies and other defensive sectors. The combination of “AI capex fatigue,” a resilient U.S. economy, and ...

硬·AI 作者 | 杨 宸 编辑 | 硬 AI 微软人工智能业务负责人发出迄今最激进的自动化预警， 称绝大多数白领专业工作可能在一年半内被AI 取代，这一时间表远早于商界和政策制定者的普遍预期 ，为全球劳动力市场敲响警钟。 微软AI首席执行官Mustafa Suleyman在接受英国《金融时报》采访时表示，律师、会计师、项目经理和营 销人员等从事电脑办公的专业人士，其"大多数任务"将在未来12至18个月内被AI完全自动化。 AI导致的失业已初现端倪。根据职业介绍公司Challenger的报告， 今年1月有7624个工作岗位因AI被裁， 占当月裁员总数的7%；2025年全年，AI导致的裁员公告达54836人 。自2023年开始追踪以来，79449个计 划裁员岗位归咎于AI。 与此同时，AI安全与滥用风险也在加速升温。 Anthropic在最新破坏活动报告中警告，其Claude模型在特 定计算机使用场景下对"有害滥用"更敏感，甚至出现与化学武器开发相关的风险信号。 微软AI负责人发出"最激进预警"：律师、会计等大多数白领工作或在18个月内被AI取代，目前市场对于冲击节奏仍有分 歧。华尔街日报称，Mercor雇佣大 ...

Core Viewpoint - Microsoft has seen a 15% decline in stock price since the earnings report on January 28, primarily due to concerns over increased capital expenditures without a corresponding rise in Azure growth guidance and competition from new AI tools in the Office 365 business [1] Group 1: Capital Expenditure and Azure Growth - Microsoft is adjusting its computing power allocation, increasing the share for internal research and Copilot from approximately 10% to 20% [3][5] - For fiscal year 2026, capital expenditures are projected to reach $148 billion, a 400% increase from fiscal year 2022 [3] - Current computing power allocation is about 70% for Azure and 30% for Copilot and internal research, with new GPU allocations approaching a more balanced 60/40 split [6] Group 2: Iceberg Model of Computing Investment - Goldman Sachs introduced an "iceberg analogy" to explain Microsoft's computing capital expenditure strategy, distinguishing between visible investments that directly impact Azure and Office 365 and invisible investments crucial for long-term strategy [4] - If all new computing capacity is allocated to Azure, its growth rate could exceed 40%, indicating a strategic postponement of some growth potential for long-term investments [4][10] Group 3: Drivers of Increased Internal Allocation - Four structural factors are driving the increased demand for Microsoft's computing power, leading to a significant evolution in capital expenditure structure [7] - Azure AI computing power accounts for the largest share, with a multiplier of 4-5 times for "computing power/quarterly new revenue," translating to $0.20 to $0.25 in revenue for every $1 of capital expenditure [8] Group 4: Copilot Investment Strategy - Microsoft is positioning Copilot as a cost-effective enterprise-level LLM solution, priced at approximately $30 per user per month, compared to ChatGPT Enterprise at $60 [12] - Copilot is beginning to make a substantial contribution to M365 commercial cloud revenue, projected to reach $89 billion in fiscal year 2026 [13] - The adoption rate of Copilot is increasing among both internal employees and external customers, driving up computing power consumption [9]

Microsoft has been one of my favorite Majestic 7 stocks for some time. I wrote in January last year that the firm would be one of the better-positioned companies to benefit from the rise ofI aim to help uncover opportunities for investors that have strong potential risk-adjusted returns. I enjoy creating articles by arguing from first principles and walking readers through my reasoning step-by-step. I mostly cover tech stocks, ETFs, precious metals, dividend stocks, and undercovered opportunities in the mar ...

Core Viewpoint - Microsoft is positioned to benefit from the rise of technology and is considered a strong investment opportunity within the Majestic 7 stocks [1] Group 1 - The company has been highlighted as one of the better-positioned firms to capitalize on emerging trends in technology [1] - The analysis aims to uncover investment opportunities with strong potential risk-adjusted returns [1] - The focus is primarily on tech stocks, ETFs, precious metals, dividend stocks, and undercovered market opportunities [1]

Amazon and Microsoft stocks have entered 'bear market' territory and the rest of the Magnificent Seven isn't that far behind. ...

Core Insights - The Valkyrie Bitcoin Miners ETF (WGMI) has shown an 86% return over the past year but has recently dropped 12.4% in the last month due to a 28% decline in Bitcoin's price [1] - Iren Ltd secured a $9.7 billion contract with Microsoft and aims for $3.4 billion in annual AI Cloud revenue by the end of 2026, indicating a strategic pivot towards AI infrastructure [1] - Cipher Mining, another significant holding in the ETF, missed revenue estimates and has a negative profit margin of 34.2%, raising concerns about its near-term prospects [1] Bitcoin Price Impact - Bitcoin's price correction from its October 2025 peak has created a challenging environment for miners, with current trading 28% below the year's start [1] - Prediction markets indicate only a 41% probability that Bitcoin will reach $100,000 by year-end, reflecting market uncertainty [1] - Riot Platforms, representing 4.8% of the ETF, recently reported revenue of $180.2 million, although its stock is trading 10% below previous levels [1] AI Infrastructure Transition - Iren Ltd, which constitutes 24% of the ETF, is focusing on AI infrastructure, emphasizing a cautious approach to capital deployment with payback periods of 24 to 30 months for GPU investments [1] - Cipher Mining, representing 18.3% of the ETF, has secured a $5.5 billion AWS lease but has shown operational challenges, including heavy insider selling, indicating management's uncertainty [1] - Investors are advised to monitor quarterly updates from Iren and Cipher for evidence of translating AI contracts into actual revenue and improved margins [1]

In this articleORCLGOOGLMSFTAMZNThis report is from this week's The Tech Download newsletter. Like what you see? You can subscribe here.The coreEarnings season has seen endless spending commitments from tech companies as they scramble to build out data center capacity amid the AI boom.Hyperscalers, including the likes of Amazon, Microsoft, Meta and Alphabet, announced capital expenditure could hit $700 billion on AI this year — that's more than the GDP of countries like the United Arab Emirates, Singapore a ...

Despite its multi-billion dollar bet and early lead in generative AI, Microsoft Corp. (NASDAQ:MSFT) has emerged as the surprise laggard among Magnificent 7 hyperscalers, as investors begin to favor Meta Platforms Inc.'s (NASDAQ:META) leaner, high-yield AI strategy.The Performance ParadoxSince the launch of ChatGPT on Nov. 30, 2022, Microsoft has unexpectedly become the worst-performing stock among tech's cloud giants.Data through February 2026 reveals that while Microsoft provided the foundational capital a ...

Core Viewpoint - Major tech companies like Amazon, Microsoft, and Alphabet (Google's parent) are trying to reassure investors about the profitability of their AI investments, but investor patience is waning as capital spending plans for 2026 increase [1] Group 1: Company Insights - Amazon, Microsoft, and Alphabet have been actively communicating their strategies and expectations regarding AI development to investors [1] - The companies are facing challenges as the market's tolerance for high capital expenditures diminishes [1] Group 2: Industry Trends - The overall trend in the tech industry indicates a growing concern among investors regarding the return on investment from AI initiatives [1] - Capital spending plans for 2026 are projected to rise, which may further strain investor confidence [1]