the hit to microsoft the other day was pretty interesting

I saw reports attributing it to a miss on earnings from Azure but they were off by 0.4% on 39% growth. That's 39% instead of 39.4%. And the company stock dropped 10%. This is all of Microsoft - 10% down (!).

It has to tell you there are a LOT of people primed to sell in a hurry on bad news. The "bubble" talk subsided a lot after nVidia smashed earnings last quarter, but largely overlooked how much their whole situation is based on pent up demand. It completely masks the fundamentals.

I still feel like we're sitting on a volcano and seeing puffs of smoke and feeling earth tremors.

The intense race to dump the risk on the public and cash out (OpenAI ipo, Musk folding xAI into SpaceX for that IPO) is very telling.

As I understand it, it was in part about their Azure miss more about capital expenditure and market anxiety around their OpenAI investment ROI.

Also a portion of their Azure spend was some clever accounting they did if memory serves me

https://www.geekwire.com/2026/microsofts-historic-plunge-why...