Microsoft stock hits one-year low amid AI spending concerns

Price ActionEarnings Impact 4
โดย Barron's·Read original
Summary · why it matters

Microsoft stock closed at a 52-week low Thursday, capping what is shaping up to be the company's worst start to a year since 2000, as investors grow increasingly impatient with the costs of its artificial intelligence buildout. Shares have shed more than 24% of their value so far in 2026, and the stock is down 21.6% in June, potentially the steepest June drop in its history. Capital expenditure surged 63% last quarter to $38 billion, causing free cash flow to contract by 10%, with projected 2026 outlays of roughly $190 billion reducing the pool for shareholder returns. Wedbush analyst Dan Ives captured the frustration by saying Microsoft and Meta are being treated like they are wearing winter jackets to the beach in the summer, reflecting impatience with AI costs that have not yet translated into visible growth. Microsoft's underlying business continues to perform with consistent top-line growth, but the spending outlook dominated its most recent quarterly results, sending shares down nearly 4%. Amazon, Microsoft, Meta, and Google together plan to spend roughly $650 billion on AI infrastructure in 2026, a roughly 60% increase over their combined 2025 spending, and capital appears to be shifting toward semiconductor and memory companies with more tangible near-term returns.

Impact on stocks 4

Artificial Intelligence▼ · 3 stocks
Microsoft Corporation
MSFT
▼ NegativeCapitalrelevance

Microsoft is the subject; its stock hit a one-year low due to investor impatience with surging AI capex and reduced free cash flow.

Amazon.com Inc
AMZN
▼ NegativeCapitalrelevance

Article mentions Amazon's AI capex as part of the industry spending concern, but Amazon is not the focus.

Alphabet Inc Class C
GOOG
▼ NegativeCapitalrelevance

Article mentions Google's AI capex as part of the industry spending concern, but Alphabet is not the focus.

Spatial Computing / AR/VR▼ · 1 stocks
Meta Platforms Inc.
META
▼ NegativeCapitalrelevance

Article mentions Meta's AI capex as part of the industry spending concern, and cites analyst frustration with Meta's AI costs.

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