Microsoft reports Q4 capex up 70% YoY to $41B; an accounting change lowers its 2026 capex forecast to $175B from $190B, while spending plans remain unchanged
THE SO WHAT
A 70% YoY capex jump to $41B with an unchanged multi-year spend plan says the AI infra buildout is intact—only the accounting optics moved. Treat hyperscaler guidance tweaks cautiously: your real constraint is still access to power, GPUs, and network, not their reported capex curve.
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