Microsoft announces change to director slate for Annual Shareholders Meeting

Microsoft spent $5B less on capex in Q1 due to delayed data center capacity from third parties, including IREN. IREN's $9.7B contract with Microsoft involves undelivered tranches worth ~$7.3B. Microsoft expects $50B+ capex in Q2, aiming for ~$170B annually despite delays.

MICROSOFT CORP (MSFT) filed an SEC Form 8-K — Other Events. Item 8.01 Other Events On October 29, 2026, Microsoft Corporation (the “Company”) entered into an Underwriting Agreement (the “Underwriting Agreement”) with the several underwriters named therein, for which J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities

Microsoft's AI infrastructure spending fell by $5 billion last quarter, attributed to delays by third-party cloud providers. Satellite images suggest projects by Iren and Nebius may be behind the delays, with potential impacts on their data center capacities. Microsoft's flexibility in infrastructure approach was highlighted.

Alphabet, Amazon, and Microsoft shares rose 4.1%, 7.1%, and 7% respectively, after Democrats won control of Congress, potentially leading to stricter data center regulations. Investors expect these tech giants to benefit from reduced competition and lower capital expenditures, boosting profits and cash flow. Amazon and Alphabet maintained high capex forecasts, while Microsoft reduced its guidance.

Microsoft (MSFT) shares hit a record high above $557, recovering from a dip near $500. Strong cloud growth and post-midterm election sentiment boosted the stock. Q3 earnings showed 32% YoY net income growth to $36.6B, with revenue at $90.6B. Cloud revenue rose 30% YoY to $63.9B. Investors focus on infrastructure spending and future returns.

US tech giants' shares surged on Wednesday after Democrats' midterm election sweep, with investors anticipating potential curbs on data-center construction. Amazon, Meta, Alphabet, Microsoft, and Apple gained between 2% and 7.4%, adding over $750 billion in combined market value. Democrats' opposition to data centers may slow construction, benefiting existing tech giants. Smaller players like Applied Digital and Iren saw declines on concerns about their expansion plans.