Microsoft (MSFT) is down 0.90% to $526.56 in afternoon trading, lagging the broader market ahead of its earnings report after the close. Investors will focus on Azure revenue growth and capital expenditures, with the company guiding for Azure growth of 44-45% in constant currency and capex expected to exceed $50 billion this quarter. The key question is whether substantial AI infrastructure investments are translating into sustained cloud growth while limiting pressure on profitability.
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