Core Insights - Microsoft Corporation (NASDAQ:MSFT) has experienced significant capital expenditures, particularly in artificial intelligence, which has led to a decline in share prices due to slower-than-expected cloud revenue growth [2][3]. Financial Performance - In the fiscal second quarter, total revenue increased by 17% to $81.3 billion, while costs rose by 19%, leading to concerns about profitability [2]. - Azure sales grew by 39%, slightly above forecasts, but investor sentiment was negatively impacted by the overall financial performance [2]. - For the third quarter, Microsoft projects Azure growth of 37% to 38% and total revenue close to $81.2 billion [3]. Capital Expenditures - Capital spending reached $37.5 billion, marking a nearly 66% year-on-year increase, with a significant portion allocated to computing chips [2]. - The cloud backlog has doubled to $625 billion, with OpenAI contributing nearly 45% of this total [3]. Market Reaction - Following the announcement of increased spending and slower cloud growth, Microsoft shares fell by 6.5% in after-hours trading [2]. - Year-to-date, the stock is down by 8.34% as of January 29, 2026 [4]. Competitive Landscape - Investor concerns have been heightened due to competition from Google's Gemini and other AI rivals [3]. - Executives have warned that rising memory chip costs could further pressure profitability [3].

Microsoft Corporation ( MSFT ) reported strong Q2 FY26 earnings last Wednesday, yet its shares dropped the most since 2020, falling 9.99% the following day, as investors didn't appreciate slowing cloud growth in face of elevated valuation.I’m a Financial Analyst at a Fortune 500 company, investing with a long runway—30 years to retirement and plenty of compounding ahead. I write about building a thoughtful portfolio that balances strong growth potential with solid fundamentals. My focus is on high-quality b ...

Core Insights - The FPA Crescent Fund achieved a return of 3.09% in Q4 2025, with annual returns reaching 17.65%, outperforming the global market's 79.0% of the MSCI AWCI index [1] - The fund emphasizes a "value-aware" investment strategy, avoiding speculative sectors and focusing on long-term investments [1] Company Highlights - Microsoft Corporation (NASDAQ:MSFT) is highlighted as a key stock in the FPA Crescent Fund's portfolio, with a one-month return of -9.00% and a 52-week gain of 4.71% [2] - As of January 30, 2026, Microsoft shares closed at $430.29, with a market capitalization of $3.195 trillion [2] - The FPA Crescent Fund reflects on its past ownership of Microsoft from 2010 to 2020, noting the company's significant value creation under its current management [3] - The fund's analysis questions whether Microsoft could continue to deliver equity-type returns despite potential stagnation in earnings, acknowledging the transformative impact of AI and cloud technologies on the business [3]

The share price of Microsoft (NASDAQ: MSFT) cratered last week -- down 11% on Thursday, the largest one-day drop in the tech giant's stock since March 2020. Shares rebounded a tiny bit in the afternoon to end 10% down on the day. What's going on? And what should investors expect now? Microsoft released results Thursday morning for its fiscal second quarter, ended Dec. 31, 2025. Based on the headline numbers, you would have expected a great reaction from Wall Street. Revenue of $81.3 billion in the quarter ...

Core Viewpoint - Microsoft shares experienced a significant decline of over 12% following disappointing quarterly earnings, resulting in a loss of $357 billion in market value, marking the worst day since the 2020 stock market crash [1][2] Financial Performance - Microsoft is now in a bear market, down nearly 21% from its all-time high, raising questions among investors about whether this decline presents a buying opportunity or if it is prudent to wait [2] - Azure revenue grew by 39%, which, while still strong compared to competitors, fell short of expectations as it was 1% below the previous quarter [6][7] Investment Sentiment - The steep drop in stock price has led to a perception that Microsoft is misunderstood, with investors reacting harshly to heavy AI capital expenditures without sufficient quarter-over-quarter growth [4][5] - There is a growing concern that the significant increase in capital expenditures, which rose 66% year-over-year to $37.5 billion, has not yet translated into expected growth, leading to a negative outlook for the recent quarter [8][6] Future Outlook - CFO Amy Hood indicated that demand for AI services is exceeding supply, suggesting that capacity constraints are currently limiting growth potential, rather than a lack of demand [9][10] - Once Microsoft addresses its capacity issues, there is potential for Azure to regain its status as a key growth driver for the company [10]

Core Viewpoint - The stock market is currently experiencing signs of an AI bubble, despite the long-term bullish outlook on artificial intelligence. Group 1: Market Performance - The Invesco QQQ Trust, tracking the Nasdaq-100 index, has achieved a total return of 117% over the past three years, largely driven by the "Magnificent Seven" stocks and AI ventures [2]. Group 2: Warning Signs of an AI Bubble - **Enormous Capital Outlays**: Major data center operators, including Amazon, Microsoft, and Alphabet, collectively spent hundreds of billions on AI-related capital expenditures last year, indicating a surge in investment activity [4]. - **Funding Challenges for OpenAI**: OpenAI plans to spend $1.4 trillion on computing resources over the next eight years, raising questions about funding sources despite reaching $20 billion in annualized revenue last year [5]. - **Financial Engineering**: Companies with strong net income are still raising capital through financial engineering, such as a $27 billion joint venture between Meta Platforms and Blue Owl Capital, which keeps debt off Meta's balance sheet [6]. - **Interconnectedness of AI Sector**: The interconnected nature of AI companies means that struggles within one entity could lead to broader issues across the sector [7]. Group 3: Long-Term Return Uncertainty - Despite rapid adoption of AI tools, with OpenAI's ChatGPT reaching 800 million weekly users and Alphabet's Gemini app having 650 million monthly active users, only 3% of AI users pay for premium access, raising doubts about the adequacy of returns on AI investments [8]. - There is a possibility that AI may only provide incremental benefits to the economy, potentially disappointing those who expect transformative changes akin to past innovations like PCs and mobile devices [9].

智通财经APP获悉，高盛集策略师本·斯奈德表示，美国企业的 2026 年盈利前景依然稳固，这缓解了此 前因财报季表现平平而引发的担忧。 本·斯奈德表示，在已发布 2026 年每股收益预测的标普 500 指数成份股公司中，超过半数的指引高于分 析师预期，这一比例超过了 40% 的历史平均水平。 分析师维持此前的普遍预期不变 洛克希德·马丁公司在预测 2026 年利润高于分析师预期后股价上涨了 4%；威瑞森的调整后利润和自由 现金流预测均超过共识预期，股价创下 2008 年 10 月以来的最大涨幅。 在去年创纪录的涨势推高估值后，股市进一步上涨的门槛已经很高，但那些提供更光明前景的公司得到 了回报。 Meta (META.US)在给出了远强于预期的营收预期后股价上涨了 10%，这有助于抵消 AI 相关支出增加带 来的影响。 这些数据让投资者感到宽心，因为他们此前对第四季度的业绩基本不为所动。根据彭博行业研究(BI)汇 编的数据，财报季进程已接近过半，目前约有 78% 的标普 500 指数公司业绩超出预期，这一比例低于 前两个季度。 相比之下，令人失望的财报则遭到了严厉惩罚。微软(MSFT.US)股价大跌，此前这家 ...

欧洲议会的报告显示，欧盟仍然依赖非欧盟国家提供超过80%的数字服务和基础设施。 法国开始推动数百万公务员使用自主研发的软件替代Zoom和微软的Teams，这标志着欧洲各国政府数十 年来摆脱对美国大型科技公司依赖的努力又迈出了新一步。 近期，法国总理勒科尔尼致函法国各部委，要求他们在2026年年底前将视频会议系统迁移到Visio—— 一款法国自主研发的Zoom替代软件。他在信中写道："为了保障公共电子通信的安全、保密性和稳定 性，必须部署一套由国家控制、基于自主技术且统一的视频会议解决方案。" 随后，同样的逻辑再次显现：法国政府阻止卫星运营商欧洲通信卫星公司（Eutelsat）将其地面天线业 务出售给私募股权公司EQT，理由是该集团具有战略意义，是特斯拉创始人马斯克旗下星链互联网服务 的竞争对手。 法国的举措紧随欧洲议会通过一项决议之后，该决议呼吁成员国"尽可能通过促进欧洲数字产品和服务 的采购来加强欧洲的技术主权"。 对外经济贸易大学全球价值链研究院研究员、法国经济研究中心主任赵永升对第一财经记者表示，上述 有关禁用Zoom的决策主要针对法国公共部门。他表示，面对美国在关税乃至地缘政治方面的咄咄逼 人，欧洲喊 ...

噩梦成真！微软Maia 200正式杀进数据中心，左手3nm自研芯，右手Triton，照着老黄的大动脉砍。当头号金主爸爸摇身一变成了头号死敌，这场千亿美 金的算力大逃杀，微软不光为了省钱，更是要革了CUDA的命。 这哪里是发新品？这分明是全球最大买家对卖家的背刺。 当全世界还在卷HBM显存大小的时候，微软反手就是一个「降级打击」，用更务实的内存架构，切开了英伟达最骄傲的护城河。 特洛伊木马：OpenAI递给微软的刀 表面看，Maia 200是一块台积电3nm工艺的硬核硅片；但让老黄睡不着觉的，是随芯片捆绑发布的软件核武：Triton。 在芯片圈，有一条心照不宣规则：硬件决定下限，软件决定上限。 英伟达十年无敌，全靠CUDA锁死开发者——换芯片？代码重写能废掉半个团队。 微软这次祭出的Triton，核心开发者正是英伟达的好基友——OpenAI。 老黄的噩梦成真了！2026年1月26日，微软数据中心（爱荷华）一声巨响，黄仁勋的后背瞬间凉透。 微软正式官宣：第二代自研AI芯片Maia 200上线！ 开发者实测，在Transformer注意力内核等场景，代码量比CUDA减少75-90%，性能媲美甚至局部超CUDA 5- ...

每经AI快讯，2月2日，美股大型科技股盘前多数下跌。英伟达跌2.1%，特斯拉跌2.0%，微软、亚马逊 跌1.0%，美光科技跌2.4%。 （文章来源：每日经济新闻） ...