Capex is a promise, depreciation is the bill
The shares traded at 498.00, -1.80% today. Enormous capital spending has been treated as a growth signal. It is also a cost that arrives later, on a schedule.
Free 4 min read
MSFTGOOGL
Stock
MSFT
MSFT
Delayed
Notes mentioning MSFT
8A toll road with a regulatory problem is still a toll road
The shares traded at 368.86, -0.74% today. The interchange debate is real, recurring, and has not yet changed the shape of the business.
Free 4 min read
VMSFT
Chart walkthrough: the MSFT levels I'm watching into the close
A short chart walkthrough of the MSFT levels that matter today.
Free 2 min readVideo
The moment capex turns into cash flow is the whole question
Every mega-cap has spent heavily on AI capacity. The market is now asking one thing: when does the spending start returning cash.
Free 2 min read
MSFTGOOGL
Infrastructure-heavy growth dilutes gross margin, by design
How I separate mix dilution from genuine margin pressure.
Paid 2 min read
When the capital budget grows faster than the revenue it funds
The capex-to-revenue ratios I track, and the point where I think they bite.
Paid 2 min read
Cloud revenue and cloud capex are both growing, and the ratio is the story
The capex-to-revenue ratio I track by quarter, and the range I think is sustainable.
Paid 2 min read
An AI add-on sold per seat is a price increase with a better name
The attach and renewal signals I watch across the productivity suite.
Paid 2 min read