마이크로소프트의 자본 지출, 주문에 기반하여 시장의 제재를 피할 전망
The Market is Unlikely to Punish Microsoft’s Capex on July 29 For an Obvious Reason
마이크로소프트는 강력한 고객 구매 주문과 AI 기반 수익으로 경쟁사들의 재무적 어려움에도 불구하고 견고한 모멘텀을 유지하고 있습니다.
핵심 요약
마이크로소프트의 자본 지출은 고객 주문에 기반하여 안정적이며, 이는 구글의 자금 조달 어려움과 대조됩니다.
Original Article
The Market is Unlikely to Punish Microsoft’s Capex on July 29 For an Obvious Reason
I keep hitting the buy button on Microsoft ( NASDAQ:MSFT | MSFT Price Prediction ) into every drawdown, and Wednesday’s fiscal Q4 earnings will not change that. The stock is down 20.72% year to date and 24.69% over the past year, and I have been adding the whole way. The reason is simple: this is the only megacap AI story where the capex bill arrives with a customer purchase order attached.
Microsoft is being run like a B2B utility taxing the corporate world’s digital workflow. The capex looks less like a speculative gamble and more like a factory expansion to meet pre-ordered demand. Wall Street treated Alphabet like a consumer media giant taking a capital-intensive gamble on AI infrastructure. I do not think it will read the Microsoft earnings report the same way, and my portfolio is positioned accordingly.
Last quarter, Microsoft’s AI business hit an annual revenue run rate of $37 billion, up 123% year-over-year. Commercial remaining performance obligations, the contracted backlog customers have already committed to spend, reached $627 billion, nearly doubling year over year. Azure grew 40%. That is what backs the $30.876 billion quarterly capex line, up 84.39% year over year.
The balance sheet still funds the buildout without stress. Debt-to-equity sits at 0.176 and interest coverage at 53.89x. Operating cash flow was $46.679 billion in a single quarter. Return on equity of 33.28% and operating margins of 45.62% tell me the returns on invested capital have not cracked under the spending. This is why I keep buying a 0.85% yielder that has raised the payout for two decades.
Alphabet ( NASDAQ:GOOGL ) is the obvious alternative. Google Cloud grew 82% to $24.768 billion, which is real. The financing story is the problem. Alphabet’s Q2 capex hit $44.924 billion, free cash flow went to negative $5.855 billion, long-term debt more than doubled from $46.5 billion to $98.2 billion, the company raised roughly $70 billion in combined debt and equity, and the buyback got suspended. Shares fell 7.13% on the report despite the beat. Alphabet’s dividend yield is 0.54%, thinner than Microsoft’s, and I am less inclined to own the cloud growth if I have to underwrite the funding gap to get it.
The risk is that significant investments in products and services may not achieve expected returns. AI infrastructure depreciates fast, and enterprise adoption could slow. I take that seriously. What keeps my thesis intact is the $627 billion RPO. Microsoft is building capacity against contracts already signed, including the restructured OpenAI arrangement that added $250 billion in incremental Azure services commitments.
Prediction markets put a 91% probability on another EPS beat Wednesday, with a 92.5% chance capex prints above $38 billion. I do not need the crowd to be right. I need the RPO to keep converting, Azure to keep compounding, and the dividend to keep growing. On the current earnings yield of 3.59% with a forward multiple around 23, I am paying a factory price for a toll booth, and I plan to keep buying it.
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