Microsoft's stock is cheaper than IBM's for the first time in a decade. What that says about the AI trade.

Microsoft's stock is cheaper than IBM's for the first time in a decade. What that says about the AI trade. - MarketWatch## Tech Stocks# Microsoft's stock is cheaper than IBM's for the first time in a decade. What that says about the AI trade.## Microsoft and other hyperscalers are pouring billions of dollars into AI projects, and that's putting a damper on valuationsPublished: Feb. 9, 2026 at 5:20 p.m. ETShareResizeMicrosoft's capital expenditures could total $115 billion in the 2026 calendar year. Photo: A ...