As of June 2, Microsoft is trading at $452.35, marking a breakout above the 0.618 Fibonacci retracement at $433.53. Microsoft Build 2026 begins today, an annual gathering for developers. Microsoft's Q3 FY2026 earnings showed revenue of $61.9 billion, a 13% year-on-year increase, with Azure revenue rising 31% aided by a surge in AI services. Over 80% of Fortune 500 companies were using Azure AI services. Microsoft plans to invest approximately $190 billion in capital expenditure in calendar year 2026, mostly to build data centers, GPUs and AI infrastructure. The $190 billion capex is expected to reduce free cash flows and reduce capital allocation in 2026. Azure AI services account for a portion of the 31% growth, and demand for AI services on some GPU-enabled services exceeds supply.