Microsoft shares closed at $401.84 on February 12, 2026, as capital expenditures reached $37.5 billion and exceeded operating cash flow for the first time. The company’s aggressive pivot toward becoming an AI infrastructure leader has intensified market scrutiny regarding its immediate cash flow sustainability.
- A record $625 billion order book signals strong long-term demand despite the current pressure on liquidity.
- Institutional investors, including PRIMECAP Management and Egerton Capital, have recently reduced their stakes amid concerns over the scale of AI-related investments.