Microsoft (MSFT) shares closed at $384.36 on Thursday, down 20.17% year to date and 23.05% over the past twelve months, while its AI business surpassed $37 billion ARR, up 123%, and Azure grew 40% last quarter. The company reported Q3 FY26 revenue of $82.89 billion, up 18.3% YoY, with EPS of $4.27 for a fourth straight beat. Commercial remaining performance obligations reached $627 billion, up 99% YoY, representing contracted future revenue. Paid Copilot seats surpassed 20 million, up 250% YoY, and Azure remains capacity constrained through 2026. Operating margin was 46.3%, return on equity is 34%, debt to equity sits at 0.176, and interest coverage runs at 53.89x. Microsoft guided to roughly $190 billion in calendar 2026 capex and generated $71.61 billion of free cash flow in FY25. Trailing P/E is 23, forward P/E is 20, and the stock trades below its 200-day moving average of $443.59. Amazon, Alphabet, and Oracle compete for enterprise AI dollars, but none can match Microsoft's $627 billion RPO, $37 billion AI run rate, or $217 billion in TTM gross profit. The $190 billion capex commitment is cited as the real risk if enterprise AI monetization