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

Investor summaryBearish

Microsoft's massive $30.9B quarterly PP&E spend raises doubts about its traditional high-margin software business model.

Bear points

Massive $30.9B quarterly PP&E spend indicates a shift towards capital-intensive infrastructure.
Heavy Capex could compress traditional high-margin software profitability.

MSFTAI 资本开支

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