Microsoft Falls After Q3 Beat as 2026 AI Capex Outlook Rises to $190B

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Microsoft shares fell after the company said calendar-year 2026 capital expenditures would reach $190 billion, above its earlier $150 billion AI investment outlook. Microsoft still beat Bloomberg consensus with Q3 earnings per share of $4.27 on $82.89 billion in revenue. Microsoft also said its AI business reached a $37 billion annual revenue run rate, up 123% year over year.

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