(https://www.cnbc.com/2026/07/29/microsoft-msft-q4-earnings-report-2026.html) and investors are bracing for capex guidance that'll either confirm the AI narrative or crater it. The problem: Microsoft's net margin sits at 35.3% on annual revenue of $245.1B, but those returns are *already* baked into a stock that's been ripping on capex-is-growth euphoria.

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