Microsoft's Azure grew 43% and secured $678B in contracted backlog as Meta's free cash flow fell from $9B to $784M on margin collapse.
Prediction markets assign 0.955 odds Microsoft closes up and 0.915 that Meta closes down the day after earnings.
Microsoft (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META) both reported on July 29, 2026, and the two earnings reports could not have delivered more different signals. Microsoft turned its enterprise AI thesis into cash. Meta delivered ad growth but bled margin. Investors now have real clarity on which mega-cap has proven monetization and which is still spending its way toward it.