The stock declines 33% from its peak.

And revenues hit a record high every quarter.
This is Microsoft's contradiction $MSFT today.

The weekly chart tells a story we haven't seen in years:
The P/E multiple has compressed from 40x to 23x
The lowest level in 8 years,

And below the company's historical average of 32x.

While last quarter's revenue reached $80 billion, growing at 15% since 2020 without a single quarter of slowdown.
-What has upset the market?
Capital expenditure on AI infrastructure
$37.5 billion in one quarter. The market saw the bill before the returns.

But the numbers behind the noise are different:
Azure platform grows 39%, faster than AWS by 19 points.
Futures contracts locked in at $625 billion.

Net margin of 38%, higher than any company in the Magnificent 7.

The market punished Microsoft for pouring capital into its future.
But this kind of punishment — which pushes the multiple to an 8-year low while revenues are at an all-time high — is what investors call a "window of opportunity."

On Wednesday, April 29, Microsoft announces Q3 results.
The question here isn't what the numbers will say,
but how the market will interpret them.

$BTC $MSFT