Microsoft spent $30.9B on PP&E in one quarter. Is that still “software margins”?

Investor summaryBearish

MSFT's $30.9B quarterly PP&E spend raises concerns about its shift to a capital-intensive model and shrinking software margins.

Bear points

Massive $30.9B quarterly PP&E spend shifts MSFT towards a capital-intensive business model.
Heavy infrastructure investment threatens traditional high-margin software profitability.

MSFTAI 资本开支

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