By Jordan Chussler
Publication Date: 2026-02-24 15:37:00
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Microsoft (MSFT) spent $29.88B on capex in Q2 for AI infrastructure. Microsoft increased spending 89% year-over-year.
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Microsoft’s free cash flow dropped 9.3% to $5.88B as massive capex consumed a 60% surge in operating cash flow.
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Microsoft stock dropped 14.6% to $385.83 after earnings while SPY declined only 1.6% in the same period.
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Last quarter, Microsoft (NASDAQ:MSFT) delivered a strong earnings beat, but one number overshadowed everything else: $29.88 billion in capital expenditures (CapEx) for Q2 FY2026, the quarter ended Dec. 31, 2025. That figure, reported in Microsoft’s 8-K filed Jan. 28, 2026, represents a 89% increase year-over-year from $15.80 billion — a near-doubling in a single quarter that has investors questioning the pace and payoff of the company’s AI infrastructure buildout.
To put the scale in…
