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Microsoft’s OpenAI Romance Just Got A Lot More Complicated!

Microsoft Corporation is facing a sharper investor debate as its artificial intelligence ambitions become more expensive, more complex, and less dependent on OpenAI alone. Coming into Thursday, Microsoft stock had fallen more than 24% in 2026, with shares sliding another 2.9% as the broader tech selloff resumed and concerns around heavy AI spending continued to weigh on sentiment. The company’s aggressive AI strategy has driven massive capital expenditures, which are projected to reach roughly $190 billion in calendar 2026. Investor concerns over high AI spending and debt issuance are weighing on shares, despite Azure’s growing traction and Microsoft Cloud revenue exceeding $54 billion in the latest quarter. The OpenAI relationship remains central, but Microsoft’s earnings call showed a more nuanced reality: this is no longer just a simple partnership story.