I opened Microsoft’s latest quarter expecting to find some obvious reason people have turned so negative on the stock. The growth numbers didn’t really surprise me that much. Revenue was still up, operating income was still up, Azure was still growing fast. The number I kept staring at was cash paid for PP&E: $30.9B in one quarter. I still think of Microsoft as Office, Azure, enterprise software, high margins, all that. But that capex number is way heavier than the version of Microsoft I had in my head. Maybe everyone else already adjusted to this, but I’m only now realizing how different the AI buildout makes the business feel.