Analyst Focuses on Microsoft's High AI Capex and OpenAI Exposure Following 10% Stock Plunge

Microsoft stock plummeted nearly 10% following its Q2 2026 earnings report, as investor concerns over massive capital expenditures overshadowed the beat on EPS.

• The primary driver of investor alarm was the massive capital expenditures, which topped $37.5 billion during the quarter.
• Concerns remain regarding the lopsided reliance on AI model makers, with 45% of the company's $625 billion performance backlog tied directly to OpenAI contracts.