Microsoft
Microsoft Corporation is an American multinational technology company that produces computer software, consumer electronics, personal computers, and associated services.
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Microsoft, Meta Earnings Reports Approaching, Market Patience on AI Spending Waning
According to Bloomberg, Microsoft and Meta will release their earnings reports after the US market closes on Wednesday. The market focus is not on revenue growth, but rather on the two companies' continuously rising AI capital expenditures and shrinking cash reserves. Previously, Alphabet's stock price still recorded the largest single-day drop in over a year despite announcing better-than-expected results, as it experienced negative cash flow for the first time since its listing due to a surge in capital expenditures. Analysts point out that the uncertainty surrounding returns on AI investments by large tech companies is accelerating the erosion of Wall Street's patience, and Microsoft and Meta's earnings reports may become a new round of stress tests for market sentiment.
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Tonight's Focus: Microsoft & Meta Release Earnings After Hours, Bybit Earnings Season Limited-Time Campaign Underway
After market close on July 29, US Eastern Time, Microsoft (MSFT) and Meta (META) will release their Q2 2026 earnings reports simultaneously. The core market suspense is consistent: When will the massive AI capital expenditures yield returns? Bybit Academy brings you a preview of this earnings season feast: (1) Microsoft: Focus on whether Azure Cloud growth can offset continuously rising AI infrastructure investment, implied volatility 6.5%; (2) Meta: Capital expenditure guidance is the biggest highlight, whether the gap between AI investment and ad monetization can narrow, implied volatility 7.3%. Volatility for both may amplify today; the earnings trading window is open. Bybit US Stock Earnings Season Event Reminder: Currently in a limited-time trading task window period (7/21–7/30), trading META stock contracts earns extra points, independent from TSLA, GOOGL, AAPL, and AMZN tasks, and can be completed separately. Meanwhile, you can bet on the next-day Top Gainer among 10 popular US stocks including META in the "Top Gainer" daily prediction; those who bet correctly will proportionally share the points pool of those who bet incorrectly. This US stock earnings season lasts until August 30, with a million prize pool waiting to be unlocked, plus a Tesla Cybertruck grand prize.
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Morgan Stanley: AI Infrastructure ROIC Can Reach Up to 46%, Maintains Overweight Rating on Hyperscalers
According to TechFlow Research, Morgan Stanley released a research report on July 27, quantifying for the first time the Incremental Return on Invested Capital (ROIC) of Generative AI investments. The report constructed three estimation frameworks: the ROIC for hyperscale cloud service providers' GPU leasing business is approximately 31%, the ROIC for proprietary infrastructure model API business is approximately 46%, and the ROIC for third-party compute API business is approximately 25%. Under base case assumptions, a single 1 gigawatt (GW) data center is configured with approximately 410,000 NVIDIA GB300 GPUs, with a utilization rate of 75% and an hourly leasing price of $8.5. The combined capital expenditure of the three major cloud giants is expected to exceed $1.4 trillion. Morgan Stanley maintains an Overweight rating on Microsoft, Amazon, Meta, and Google. The report points out that as AI moves from the training phase to the inference phase, demand for GPU compute power will continue to grow. Providers with self-built compute infrastructure will achieve considerable profits by leveraging their pricing power in an ecosystem where compute is scarce. If Morgan Stanley's calculations hold true, the hundreds of billions of dollars in AI capital expenditure will shift from being perceived as "costs" to "growth assets".
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Moonshot AI to Open Source 2.8-Trillion-Parameter Kimi K3 Weights, Chinese Open-Weight Model Token Share Rises to 68%
Chinese AI startup Moonshot AI will release the model weights of its high-performance model, Kimi K3. Developers can download the model, modify it for various purposes, and run it in their own data centers or cloud environments.Kimi K3 boasts 2.8 trillion parameters and a 1 million token context window, enabling it to process large-scale documents and codebases in a single pass. Moonshot AI plans to later publish a technical report detailing the model's architecture, training methodology, and performance evaluation results.Following the release of Kimi K3, Moonshot AI's daily revenue is reported to have increased by at least 6 times. The company is reportedly advancing a new round of fundraising at a $50 billion valuation and is considering a Hong Kong listing as early as this year.According to Bloomberg Intelligence, following the release of Kimi K3 and Z.AI's GLM-5.2, the share of Chinese open-weight models in overall token usage has risen to 68%. Services like AWS Bedrock, Microsoft Azure Foundry, and Google Vertex AI currently do not offer Chinese open-weight models such as Kimi K3 and GLM-5.2.
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Anthropic technical staff member satirizes tech giants embracing open source: Looking forward to Microsoft open-sourcing Windows, Nvidia open-sourcing CUDA
: Julian Schrittwieser, a technical staff member at Anthropic, recently posted on social media, joking about the shift in attitude some tech giants have shown towards "open source" in recent years. He expressed anticipation for Nvidia and Microsoft to further open up their core technologies, stating: "It's great to see Jensen Huang become a supporter of open source. Looking forward to the open-source release of CUDA and GPU drivers. Also looking forward to Satya Nadella supporting open source, hoping to see Windows and Microsoft Office open-sourced in the future."Julian Schrittwieser also responded to external speculations that he opposes open weight models, indicating that this interpretation is inaccurate. He believes that open models can actually play an important role in many scenarios. However, Schrittwieser pointed out that what is interesting is that some companies, which have long been very cautious or even opposed to open source in the past, are now rapidly shifting towards supporting open ecosystems.In recent years, with the intensification of competition in artificial intelligence, open-source models, open weights, and developer ecosystems have become critical areas of competition in the tech industry. Companies including Nvidia and Microsoft have continuously emphasized their support for open ecosystems. However, the definition of "open" remains controversial within the industry—some companies open up model interfaces, toolchains, or ecosystems, while their core commercial assets remain closed source.Julian Schrittwieser's remarks have also sparked discussion, focusing on whether the "selective open sourcing" promoted by tech giants represents genuine openness or a new ecological competitive strategy.
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Jensen Huang's First X Post: Over 20 Institutions Including NVIDIA Sign Joint Letter Supporting Open-Weight AI Models
NVIDIA CEO Jensen Huang has published his first post on X, sharing an open letter titled "Open Weight and American AI Leadership," jointly signed by more than 20 technology companies and institutions, including NVIDIA.The open letter argues that open-weight models can expand economic access to AI, enhance market competition, and grant users more control. Signatories include Meta, Microsoft, Andreessen Horowitz, Hugging Face, IBM, Mistral AI, Palantir, Perplexity, Mozilla, Y Combinator, among others.The letter states that while open-weight models carry risks, they should not be restricted through bans. Instead, openness should be leveraged to advance AI safety and cybersecurity capabilities. Huang noted: "The world needs cutting-edge closed-source models, and it also needs cutting-edge open models."
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The U.S. Pentagon has signed a nearly $7 billion software agreement with Oracle, with a term of up to 10 years
the U.S. Pentagon has announced the signing of an enterprise software agreement with Oracle valued at nearly $7 billion, with a maximum term of 10 years. This agreement consolidates the Department of Defense's existing on-premise software licenses under a unified contract to reduce costs associated with fragmented procurement. Negotiated by the Department of the Navy, the agreement has a five-year base period and includes a five-year renewal option, covering the U.S. Department of Defense, the Coast Guard, and intelligence agencies. Previously, in May of this year, the Pentagon signed a similar software consolidation agreement with Microsoft valued at $96.9 billion over five years. (Reuters)
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Morgan Stanley: Semiconductor Pullback Not Yet Ended, Capital Flowing to Consumer and Transportation
According to TechFlow Research, Morgan Stanley released a weekly US stock strategy report on July 20. The report pointed out that the trend of market breadth expansion continues, and the momentum trading risks in the semiconductor sector have not yet been fully released. The silver stock price analogy model shows that semiconductors may have about 15% downside potential in the short term, and earnings revision breadth has retreated from historical extremes. Over the past two months, the consumer durables and transportation sectors outperformed the S&P 500 by approximately 12 percentage points respectively, and the equal-weight index continues to outperform the market-cap weighted index. In terms of allocation, Morgan Stanley continues to recommend overweighting cloud providers (Microsoft, Google, Meta, Amazon) and underweighting semiconductors within the technology sector. The equal-weighted P/E ratio of the four major giants has fallen back to 21 times. Consumer durables and transportation are the clearest directions for capital inflows, with the earnings revision breadth of the transportation sector reaching the strongest level since 2021. Market style is gradually shifting towards quality factors, with earnings revision breadth for high gross margin and high sales stability factors continuing to strengthen. The S&P 500 year-end target is 8,000 points, with 7,000 points being a key technical support level.
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AI Developer ORO Hacked by North Korean Hackers, Approximately $630,000 in Crypto Assets Stolen
According to Protos, AI shopping agent developer ORO stated that an employee was tricked by an attacker disguised as a meeting contact into installing a Microsoft Teams extension containing malicious code, ultimately resulting in the theft of approximately $630,000 worth of crypto assets. ORO stated that the attackers likely originated from the North Korea-backed hacker group Sapphire Sleet.
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Arcus Launches Over 95 Stock Tokens and Perpetual Markets on Robinhood Chain
: Arcus, a decentralized exchange supported by Robinhood, launched tokenized stocks and perpetual futures on the Robinhood Chain on Tuesday. Arcus is built by the team behind the decentralized exchange dYdX and is supported by Robinhood Crypto. Arcus previously launched its spot market on July 1st when the Robinhood Chain went live. The platform offers over 95 stock tokens, perpetual markets, and crypto assets via self-custodial trading accounts, using USDG, a stablecoin issued by Paxos, as the primary collateral and settlement asset. The tokens launched on Arcus include stock tokens for major US companies such as Nvidia, Tesla, Apple, Microsoft, Meta, Google, and Amazon, as well as perpetual markets linked to stocks, ETFs, commodities, indices, and crypto assets. Arcus stated that its stock tokens are not available in the United States, Canada, the United Kingdom, and other restricted jurisdictions. The platform utilizes a self-custody model, allowing users to retain control of their assets and connect self-custodial wallets such as MetaMask, Ledger, and WalletConnect.
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Microsoft Expands AI Partnership with Mistral, Signs Multi-Billion Dollar European AI Infrastructure Agreement
Odaily, July 21 - Microsoft and French AI startup Mistral AI announced an expansion of their strategic partnership on July 21, signing a multi-billion dollar agreement centered on European AI infrastructure to enhance AI computing capabilities in the region. Under the agreement, Microsoft will leverage Mistral's expanded European GPU infrastructure to support its cloud computing and AI services. This infrastructure will be based on thousands of Nvidia Vera Rubin GPUs.In terms of products, the Mistral Medium 3.5 and OCR 4 models are now available on the Microsoft Foundry platform, and Mistral Medium 3.5 has also been integrated into Microsoft Copilot Studio for agent applications, document processing workflows, and industry-customized workflows. Additionally, the two parties will expand AI deployment options through Azure and Azure Local, supporting cloud, cloud-connected, and fully offline environments, targeting industries with high data compliance requirements such as finance, healthcare, and manufacturing.
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IREN Signs $2.8 Billion AI Cloud Contract, Year-End AI Cloud Annualized Revenue Target Raised to Over $4 Billion
: Bitcoin mining company IREN has signed a new multi-year cloud services contract worth $2.8 billion with AI developers, raising its year-end AI cloud annualized revenue target to over $4 billion. The company stated that approximately 85% of the revised target has already been contracted, with clients including Microsoft, Nvidia, Perplexity, and Figure AI. IREN co-CEO Daniel Roberts said the company plans to deliver 480 megawatts of AI cloud capacity by 2026, compared to about 3 megawatts a year ago, and aims to reach 1.2 gigawatts by 2027. The company noted that demand from hyperscalers, enterprises, and AI developers continues to outpace its existing and planned capacity. IREN's stock price rose approximately 15.7% on Monday. The CoinShares Bitcoin Mining ETF (WGMI) increased by 9.61%, with IREN being the fourth largest holding in the sector-tracking ETF, accounting for 10.05% of assets. Recent client agreements also include prepayments covering approximately 45% of related GPU capital expenditures.
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Former Microsoft AI Team Founds Skyfall AI, Bets $1 Million on ‘AI CEO’ Experiment to Run a Real Business
Skyfall AI, an artificial intelligence startup founded by former Microsoft AI team members, has announced it will spend up to $1 million to acquire a small B2B SaaS or e-commerce company, attempting to let an AI system fully take over operations to test whether an 'AI CEO' can manage a real commercial organization.Skyfall AI co-founder Sam Pasupalak and CTO Kaheer Suleman believe the current AI industry is largely focused on creating 'autonomous employees'—gradually replacing individual tasks—but this does not represent true enterprise autonomy. They aim to test whether AI can cover the full range of decisions, including pricing, marketing, customer support, finance, and operations, by running a real business.The project's goal is to have the AI serve as the core manager of the enterprise, driving revenue growth with reduced human intervention, while publicly documenting the successes and failures encountered during the experiment.Skyfall’s founders stated that while existing large language models (LLMs) perform well with known knowledge and in fixed environments, they still fall short in continuous learning when faced with competitive changes, shifts in customer behavior, and market dynamics. Therefore, the company is exploring a new AI architecture called 'Enterprise World Models,' aiming to enable AI to understand the operational state of a business and predict the impact of decisions on future development.Skyfall AI was founded by members of the Maluuba team. Maluuba was acquired by Microsoft for approximately $160 million in 2017, and its technology later became part of Microsoft's AI research presence in Canada. (Forbes)
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Hut 8 and IREN Announce New Billion-Level AI Infrastructure Contract, Both Stock Prices Surge Over 16%
According to The Block, Bitcoin mining companies Hut 8 (HUT) and IREN sequentially announced major AI infrastructure deals, with share prices both rising over 16% on the day. Hut 8 signed a second 15-year, $9.8 billion lease at the Beacon Point campus in Nueces County, Texas, fully commercializing the 1GW site. This contract doubles the signed capacity for existing tenants to 704MW, raising the total value of campus contracts to $19.6 billion. Adding River Bend's 245MW, Hut 8's total signed IT capacity for its AI data center portfolio reaches 949MW, with a total contract base term value of $26.6 billion and expected average annual net operating income exceeding $1.75 billion. If three renewal options are exercised, Beacon Point's potential contract value could reach up to $50.2 billion. After signing a new $2.8 billion multi-year cloud computing contract, IREN raised its end-of-2026 AI cloud annualized revenue target from $3.7 billion to over $4 billion, with currently about 85% of the target secured within contracts. Clients include top institutions such as Microsoft, NVIDIA, Perplexity, and Figure AI, with customer prepayments in the new contract covering approximately 45% of the related GPU capital expenditures. As of June 30, IREN held approximately $7.6 billion
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AMD and Microsoft Expand Partnership, Azure Introduces AMD Helios Rack-Scale AI Infrastructure
According to AMD's official blog, AMD and Microsoft announced an expanded collaboration to jointly provide AI infrastructure for production-scale deployments on Azure. Microsoft will adopt the AMD Helios rack-scale AI infrastructure powered by AMD Instinct™ MI455X accelerators as a significant part of its continued investment in Azure AI infrastructure. AMD Helios is AMD's integrated platform for rack-scale AI infrastructure, integrating AMD Instinct™ MI455X accelerators, next-generation AMD EPYC™ processors, AMD Pensando™ networking technology, and the ROCm™ software ecosystem, supporting large-scale AI training, inference, fine-tuning, and Agentic AI workloads. Additionally, Microsoft will launch new Azure infrastructure products based on 6th Gen AMD EPYC processors, covering high-demand scenarios such as AI data systems and semiconductor design. Both parties stated that this collaboration aims to provide customers with more infrastructure options and drive AI from the experimental phase to scaled production deployment.
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AMD Launches AI Rack System Helios, with Microsoft, Meta and Other Giants Joining the Deployment Camp
AMD has officially launched its first rack-scale AI system for artificial intelligence, Helios. This is seen as AMD's key product to rival Nvidia's Grace Blackwell and Vera Rubin AI systems. It has been adopted by enterprise customers including Microsoft, Meta, OpenAI, and Oracle, as AMD seeks to mount a more direct challenge to Nvidia in the AI infrastructure market.Microsoft announced it will deploy the AMD Helios system in its Azure data centers, becoming the latest customer to adopt the platform. AMD stated that Helios is expected to begin shipping to customers later this year and will be used to support frontier AI model inference, Azure AI services, and enterprise-level AI applications. Data from market research firm Futurum Group shows that Nvidia currently holds over 95% of the data center GPU market share, while AMD holds approximately 4.5%. Analysts believe that if Helios deployment goes smoothly, AMD has the potential to capture 20%-25% of the market share in the future, corresponding to a potential market space worth hundreds of billions of dollars. (CNBC)
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A fool opened a $9.97 million long position on Bitcoin
according to Onchain Lens monitoring, a fool who had previously lost a cumulative total of $2.19 million has just opened a $9.97 million long position on Bitcoin. This account currently holds a total of $137 million in open positions across 13 markets, with its largest holdings including $39.71 million in Nvidia, $17.65 million in Microsoft, $15.08 million in Google, $14.92 million in Ethereum, and $9.97 million in Bitcoin's native asset.
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DTCC will tokenize Microsoft, SPY, QQQ, and U.S. Treasuries for Wall Street firms
DTCC will tokenize Microsoft shares, SPY, QQQ, and U.S. Treasuries for Wall Street companies, with institutions including BlackRock, Goldman Sachs, and JPMorgan participating. These firms plan to use tokenized assets for collateral transfers, repurchase transactions, and stock trading. (The Wall Street Journal)
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Morgan Stanley: NTT Ranks Third Yet Orders Fully Booked for 7.7 Years, Vertical Integration Crushes Tech Giants
According to TechFlow Research, an investor presentation released by Morgan Stanley on July 14, 2026, regarding NTT Global Data Centers shows that the global third-largest data center operator NTT surpassed the top two ranked Amazon and Microsoft through vertical integration. The order backlog reached $20 billion (equivalent to 7.7 years of revenue), with the order book absurdly full, reflecting that AI workload demand far exceeds supply. Gross margin is expected to rise from 39% in FY26 to 55% in FY31, indicating that AI customers are willing to pay a premium for high-quality capacity. NTT possesses 250 MW of liquid cooling technology globally and a complete fiber optic network, which is a vertical integration advantage that pure data center operators cannot replicate. Hyperscale customers would rather wait in line for NTT's AI-native infrastructure than turn to competitors. Among the global $6.7 trillion in data center investments, only one type truly makes money: AI-native, and NTT is monopolizing this sector.
Morgan Stanley: CPO Not That Fast, Copper Cables Can Last Two More Years
According to TechFlow Research, Morgan Stanley's July 13 report indicates that large-scale adoption of CPO in Scale-Up networks is expected in 2029 and beyond, with only small-scale introduction in 2028. Recent market concerns about CPO "delays" are excessive; the core reason is that CPO involves rebuilding the supply chain for packaging, optical engines, and lasers, and NVIDIA's Feynman generation is the timing anchor for CPO rollout. Copper cables can last another two years thanks to innovations such as PAM4 modulation, DSP, and retimers. The evolution of AI cluster scale from 72 GPUs to 576 or even 1152 is the core driver. 2026 marks the starting point of the non-NVIDIA Scale-Up ecosystem, with AMD MI400, Amazon Trainium 3, and Microsoft Maia starting mass production; Astera Labs and Broadcom become the initial major beneficiaries. Morgan Stanley maintains overweight ratings on NVIDIA, Broadcom, Astera Labs, and Keysight.
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