[Opinion] Microsoft MSFT: $678bn Backlog, $640 Bull vs $380 Bear

Microsoft MSFT: $678bn Backlog, $640 Bull vs $380 Bear

Microsoft spent $115.9bn on property and equipment in the twelve months to 30 June 2026, and the market's opinion of that number reversed twice inside six months. On 29 January the shares fell 9.99% in a session as capital expenditure was read as a margin problem. On 30 July they rose 15.51% — the largest single-day gain in years for a company this size — as the same spending was read as an investment thesis. Nothing about the cash outflow chang…