Microsoft's AI Capex and Monetization Trajectory

Microsoft reported $41B quarterly capex, $175B annual plan, and 30M Copilot seats. Azure $100B run rate with 43% growth, Copilot subscriber doubling. Goldman Sachs maintains Buy. Cash flow squeeze and regulatory overhang persist. The rapid product rollout (GPT-5.6, Copilot Cowork) strengthens AI monetization thesis.