MSFT Is Down 23% In 2026: Why This Strategist Says Investors Are 'Significantly Overselling' The Stock -

Microsoft shares face worst month since dot-com era amid AI concerns

Microsoft stock -21.6% June (worst dot-com) despite $37B AI revenue (+123% YoY); capex erodes free cash flow. AI paradox: expansion requires massive capex now, compressing margins while payoff is future—same tension for Alphabet, Amazon, Meta.