Zhi Tong Cai Jing·2026-01-30 02:05Core Viewpoint - Microsoft experienced a significant stock sell-off, resulting in a market cap loss of $357 billion, marking the second-largest single-day market cap loss in U.S. history [1][3]. Group 1: Market Performance - Microsoft's stock price plummeted by 10%, the largest single-day decline since March 2020 [1]. - The company's market cap loss exceeded the total market cap of over 90% of the S&P 500 index members [1]. - This event follows a historical precedent where Nvidia faced a $593 billion market cap loss in January 2022 [1][2]. Group 2: Financial Results and AI Investment - Microsoft's recent earnings report revealed record AI spending, with capital expenditures increasing by 66% to $37.5 billion [3]. - The growth rate of the Azure cloud computing business has slowed compared to the previous quarter [3]. - Microsoft faces capacity constraints in AI demand, with remaining performance obligations (RPO) totaling $625 billion, of which approximately 45% is linked to its partnership with OpenAI [3]. Group 3: Market Sentiment and Analyst Commentary - There is growing skepticism among investors regarding the return on investment (ROI) from Microsoft's substantial AI expenditures [3]. - Analysts suggest that Microsoft's stock may need to be revalued to align with its historical fair value due to the perceived lack of strong ROI from AI investments [3].