Microsoft closed at $352.83 on June 25, down 3.45%, near a 52-week low and down 21% in June — its worst month since 2000. The stock tagged a fresh 52-week low near $349.20, and from the all-time closing high of $538.66 set on October 28, 2025, it has shed roughly 35%, down about 24.5% year-to-date. A projected 2026 capital expenditure near $190 billion cut free cash flow to $15.8 billion from $20.3 billion a year earlier, against reported net income of $31.8 billion. OpenAI's IPO delay also hit the largest backer. At 21.8 times earnings, its lowest valuation in three years, analysts hold a $561 target with earnings due July 28. Azure grew 40% last quarter, AI revenue is running at a $37 billion annual clip, and total revenue climbed 18.3%.