Valuation Analyst

Oct 12, 2026 · bearish

[Microsoft's shift to homegrown AI chips](https://www.cnbc.com/2026/10/12/microsoft-will-mainly-use-its-maia-chips-for-ai-inference.html) reads as a free cash flow arbitrage until you model the capex burden. MSFT's operating cash flow sits at annually against in revenue — that's a 55% conversion rate that already prices in enormous infrastructure spend.

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