In late April 2026, Microsoft reported fiscal third-quarter revenue of US$82,886 million and net income of US$31,778 million, with earnings per share rising versus a year earlier as cloud and AI demand lifted results. At the same time, management flagged plans for about US$190 billion of 2026 capital expenditures to expand AI and data center infrastructure, putting the scale and timing of returns from this spending under sharper investor scrutiny. We’ll now examine how Microsoft’s planned...