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Microsoft earnings preview: AI spending, cloud margins, and why the stock keeps falling

Microsoft's AI capex hit record levels. Here's what investors need to watch in Wednesday's earnings.

Reporting by GeekWire 1 min brief
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The KeyNews take

Why it matters

Microsoft's massive infrastructure spending and Azure growth trajectory will signal whether the AI capex cycle is sustainable or a margin squeeze in disguise—critical context for founders planning their own infrastructure bets.

The key facts

7 to know

  1. Microsoft fiscal Q4 2026 earnings report Wednesday

  2. Record AI capital spending expected

  3. Azure growth rate under scrutiny

  4. Cloud margins facing pressure from infrastructure investment

  5. First capital spending forecast for fiscal 2027 coming

  6. Stock near one-year low despite AI leadership position

  7. Copilot adoption metrics will be disclosed

Go to the source

GeekWiregeekwire.com

Publisher excerpt: Microsoft reports fiscal fourth-quarter and full-year results Wednesday. A look at the key numbers to watch, including capital spending, Azure growth, cloud margins, Copilot adoption and the company's first capital spending forecast for fiscal 2027.
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