{
  "generatedAt": "2026-10-22T01:47:05Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "company",
  "slug": "microsoft",
  "name": "Microsoft",
  "ticker": "MSFT",
  "url": "https://deepstack.ltd/companies/microsoft/",
  "api": "https://deepstack.ltd/api/v1/entities/companies/microsoft.json",
  "summary": "Microsoft is named in 13 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date.",
  "parts": [
    {
      "part": 2,
      "headline": "SpaceX Is Funding an AI Bet Before the Proof",
      "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "part": 3,
      "headline": "The Machines Will Work. The Debt Might Not.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 4,
      "headline": "AI Spending Has Met Its First Real Bill",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 5,
      "headline": "OpenAI and Anthropic Are Not the Same Business",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 6,
      "headline": "Power Doesn’t Depreciate. Its Premium Moves.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 8,
      "headline": "AI Lenders Are Financing the End of Scarcity",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 10,
      "headline": "The Bubble Is in the Denominator",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "headline": "The Backlog Is Not the Quarter",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 12,
      "headline": "The Model Is Not the Price",
      "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/"
    },
    {
      "part": 14,
      "headline": "The Cash Arrives Unevenly",
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    },
    {
      "part": 15,
      "headline": "Oil Is the Headline. The Real Yield Is the Bill.",
      "url": "https://deepstack.ltd/stories/oil-is-the-headline-the-real-yield-is-the-bill/"
    },
    {
      "part": 16,
      "headline": "The Seller Holds the Paper",
      "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/"
    },
    {
      "part": 17,
      "headline": "The Guarantee Has No Date",
      "url": "https://deepstack.ltd/stories/the-guarantee-has-no-date/"
    }
  ],
  "numbers": [
    {
      "value": "113%",
      "label": "Growth in Microsoft's backlog due beyond one year",
      "context": "Microsoft filing, as read by Michael Burry, Sep 24 to 26, 2026; the book due within a year grew 37%",
      "part": 11,
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "value": "96.1%",
      "label": "Capital spending per dollar of operating cash, Microsoft, Alphabet, Amazon and Meta, second quarter of 2026",
      "context": "SEC XBRL filings, read Oct 12, 2026; DeepStack calculation; 64.8% across 2025",
      "part": 14,
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    },
    {
      "value": "$35.4B",
      "label": "Microsoft's operating cash left after purchases of property and equipment, first half of 2026",
      "context": "SEC XBRL filings, read Oct 12, 2026; DeepStack calculation; 65.3 cents spent per dollar",
      "part": 14,
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    },
    {
      "value": "$1.12 trillion",
      "label": "Leases signed but not yet begun at Microsoft, Oracle, Meta, Amazon and Alphabet, mid-2026",
      "context": "DeepStack's sum of the five filings at June 30, 2026 (Oracle at Aug 31, 2026), SEC EDGAR; Moody's counted $662 billion at the end of 2025",
      "part": 17,
      "url": "https://deepstack.ltd/stories/the-guarantee-has-no-date/"
    }
  ],
  "mentions": [
    {
      "part": 2,
      "section": "The meter versus the map",
      "excerpt": "Musk guided 6 to 8 incremental gigawatts of data-center capacity for 2027, with upside reaching 15 gigawatts at what he called the PowerPoint level.",
      "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "part": 3,
      "section": "Demand has teeth",
      "excerpt": "AWS’s backlog stands at $496 billion, Microsoft’s commercial commitments at $678 billion and Google Cloud’s at $514 billion.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 4,
      "section": "Defense has a case",
      "excerpt": "Quanta 72 compares Cisco, EMC, Oracle and Sun with Nvidia, Microsoft, Alphabet and Amazon and points to the difference: the dot-com suppliers depended on customers who could stop buying, while today’s spenders fund the buildout from advertising, cloud, software and e-commerce.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 4,
      "section": "Arithmetic sets the test",
      "excerpt": "Prof G Markets tallied the immediate bill: Amazon, Google, Microsoft and Meta spent $165 billion on capital spending in three months, up 87 percent from a year earlier and 393 percent from three years earlier.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 4,
      "section": "The tape picks winners",
      "excerpt": "Microsoft posted 30 percent earnings growth while Meta’s earnings fell 13 percent.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 5,
      "section": "The pair breaks",
      "excerpt": "Microsoft booked $34.3bn of AI revenue last fiscal year, $24.1bn of it from OpenAI alone.",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 6,
      "section": "The megawatt premium",
      "excerpt": "Microsoft’s finance chief has described the company as short of space and power rather than chips.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 6,
      "section": "The rent will move",
      "excerpt": "Nebius’s Vineland Phase 2, a 300-megawatt build for Microsoft, won approval after swapping gas turbines for Bloom fuel cells.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 8,
      "section": "A shortage with a price",
      "excerpt": "Gaetano, an investor along the optical supply chain, points to Microsoft saying demand exceeds its capacity, Nvidia failing to make enough, and optical parts selling out as customers pull deliveries forward, sign multiyear agreements and sometimes pay in advance.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "section": "A shortage with a price",
      "excerpt": "Microsoft can absorb a wasted $20 billion in a way a telecom startup of 1999 could not, but can still decide the next $20 billion earns too little.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "section": "Cash, or a loop",
      "excerpt": "Microsoft’s operating cash flow topped $55 billion last quarter and Alphabet’s was about $39 billion.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 10,
      "section": "The tests ahead",
      "excerpt": "Microsoft, Alphabet, Meta and Amazon will report third-quarter results.",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    }
  ],
  "sides": [
    {
      "part": 2,
      "question": null,
      "side": "exit-liquidity",
      "sideLabel": "Exit liquidity",
      "claim": "SpaceX deployed 0.4 gigawatts of nameplate compute in the last quarter while Musk promises more than 10 gigawatts by end-2027 and describes close to 15 gigawatts at the PowerPoint level.",
      "date": "2026-08-06",
      "url": "https://kakashiii111.substack.com/p/spacex-ai-revenue-cip-nvidia-gpus",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/",
      "sidesUrl": "https://deepstack.ltd/sides/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "part": 3,
      "question": null,
      "side": "borrowing-is-rational",
      "sideLabel": "The borrowing is rational",
      "claim": "Capacity is sold before it is built: AWS backlog reached 496 billion dollars, Microsoft closed June 2026 with 678 billion of commercial RPO up 84 percent year over year, Google Cloud's backlog hit 514 billion; CoreWeave's 2020-era A100s are fully…",
      "date": "2026-08-08",
      "url": "https://www.marketsentiment.co/p/is-the-capex-sustainable",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-debt-behind-the-machines/",
      "sidesUrl": "https://deepstack.ltd/sides/the-debt-behind-the-machines/"
    },
    {
      "part": 4,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "The current hyperscaler capex boom, with Alphabet, Amazon, Meta, and Microsoft together spending close to $800 billion in 2026, requires external capital funding for the first time because capex now exceeds internal cash flow.",
      "date": "2026-08-27",
      "url": "https://fiscal.ai/fund-letters/hayden-capital-q2-2026-fscl_document_4UXZ6MTS260",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/",
      "sidesUrl": "https://deepstack.ltd/sides/the-market-stops-paying-for-faith/"
    },
    {
      "part": 8,
      "question": "cash-or-loop",
      "side": "real-cash",
      "sideLabel": "Real cash, real use",
      "claim": "Today's biggest AI infrastructure spenders are large, highly profitable companies like Microsoft, Google, Amazon and Meta, with Microsoft generating more than $55 billion of operating cash flow in its latest quarter and Alphabet roughly $39…",
      "date": "2026-09-07",
      "url": "https://gaetanoresearch.substack.com/p/fiber-optics-boom-bust-how-similar",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 11,
      "question": null,
      "side": "funded-not-forecast",
      "sideLabel": "Funded, not forecast",
      "claim": "Unlike Amazon, Google and Microsoft, which had strong free cash flow, strong balance sheets and little or no debt pre-AI era letting them own their datacenters and equipment, Oracle entered the AI era already carrying dozens of billions in debt…",
      "date": "2026-09-24",
      "url": "https://kakashiii111.substack.com/p/oracle-hyperscaler-or-neocloud-a",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/",
      "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 11,
      "question": null,
      "side": "funded-not-forecast",
      "sideLabel": "Funded, not forecast",
      "claim": "Consensus expects hyperscalers' operating cash flow to more than triple by 2030, outpacing the sharp increase in AI-driven capex, based on FactSet and Apollo Chief Economist sources for Google, Meta, Amazon, Microsoft and Oracle.",
      "date": "2026-09-21",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/hyperscaler-credit-rests-on-one-consensus-assumption",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/",
      "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-cash-still-covers-it",
      "sideLabel": "The cash still covers it",
      "claim": "Anthropic itself is not borrowing the money; it is the hyperscalers (he names Meta, Google, Amazon, Microsoft, Oracle) who are borrowing to use Anthropic's products, so if Anthropic were to go bust, that would be an equity problem rather than a…",
      "date": "2026-09-17",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-bill-has-moved-to-debt",
      "sideLabel": "The bill has moved to debt",
      "claim": "The current hyperscaler capex boom, with Alphabet, Amazon, Meta, and Microsoft together spending close to $800 billion in 2026, requires external capital funding for the first time because capex now exceeds internal cash flow.",
      "date": "2026-08-27",
      "url": "https://fiscal.ai/fund-letters/hayden-capital-q2-2026-fscl_document_4UXZ6MTS260",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-bill-has-moved-to-debt",
      "sideLabel": "The bill has moved to debt",
      "claim": "Hyperscalers including Google, Microsoft, Amazon and Meta funded more than half of compute growth so far but now do not generate cash, spending everything on CapEx and raising debt on top, so for a roughly $3 or $4 trillion 2028 CapEx level the…",
      "date": "2026-08-25",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-buyers-have-not-paid-yet",
      "sideLabel": "The buyers have not paid yet",
      "claim": "Consensus expects hyperscalers' operating cash flow to more than triple by 2030, outpacing the sharp increase in AI-driven capex, based on FactSet and Apollo Chief Economist sources for Google, Meta, Amazon, Microsoft and Oracle.",
      "date": "2026-09-21",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/hyperscaler-credit-rests-on-one-consensus-assumption",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 16,
      "question": null,
      "side": "two-labs-carry-the-chain",
      "sideLabel": "Two labs carry the chain",
      "claim": "Back-end AI can only look profitable while unusually rich and irrational customers burn billions with no return; Ed Elson estimates OpenAI and Anthropic alone account for 60-80% of AI revenues at Amazon, Google and Microsoft and, per The…",
      "date": "2026-07-07",
      "url": "https://www.profgmedia.com/p/two-red-flags",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/",
      "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/"
    },
    {
      "part": 16,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "Anthropic and OpenAI together account for roughly 70% of hyperscaler AI revenue and 25-35% of total cloud revenue, with Microsoft, Amazon, and Google's growth substantially dependent on these two companies.",
      "date": "2026-08-14",
      "url": "https://realeismanplaybook.substack.com/p/the-ai-achilles-heel-why-everything",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/",
      "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-lease-is-already-debt",
      "sideLabel": "The lease is already debt",
      "claim": "Steve Eisman supports Jason's dilution worry with figures: Meta's quarterly cash flow was $785 million, Microsoft's was about $19 billion but down roughly 25% year over year, and Amazon's trailing-twelve-month cash flow was negative.",
      "date": "2026-08-17",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-lease-is-already-debt",
      "sideLabel": "The lease is already debt",
      "claim": "Hyperscalers including Google, Microsoft, Amazon, and Meta have spent over a trillion dollars in capital expenditure on GPUs, largely to capture revenue from OpenAI and Anthropic, which they themselves continue to fund, creating a closed loop where…",
      "date": "2026-09-09",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-cash-flows-cover-it",
      "sideLabel": "The cash flows cover it",
      "claim": "Anthropic itself is not borrowing the money; it is the hyperscalers (he names Meta, Google, Amazon, Microsoft, Oracle) who are borrowing to use Anthropic's products, so if Anthropic were to go bust, that would be an equity problem rather than a…",
      "date": "2026-09-17",
      "url": "https://www.macrovoices.com/1550-macrovoices-550-harley-bassman-in-fed-we-trust",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-cash-flows-cover-it",
      "sideLabel": "The cash flows cover it",
      "claim": "Microsoft is viewed as a great business with strong cash flows, intelligent capital allocation, and massive intellectual property that existed before the AI boom, and is believed to be reasonably priced with the financial strength to withstand…",
      "date": null,
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-cash-flows-cover-it",
      "sideLabel": "The cash flows cover it",
      "claim": "Risks to Microsoft include premature capital spending on AI, delays in deploying data centers postponing profits, and the possibility that early enthusiasm for AI is not shared by the broader population.",
      "date": null,
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-weak-link-pays-first",
      "sideLabel": "The weak link pays first",
      "claim": "Unlike Amazon, Google and Microsoft, which had strong free cash flow, strong balance sheets and little or no debt pre-AI era letting them own their datacenters and equipment, Oracle entered the AI era already carrying dozens of billions in debt…",
      "date": "2026-09-24",
      "url": "https://kakashiii111.substack.com/p/oracle-hyperscaler-or-neocloud-a",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    },
    {
      "part": 17,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "Because all compute has to be financed and most compute is contracted well before it is built, players like Meta, Microsoft, Amazon and SpaceX that can build without first finding a customer control the situation, whereas a smaller cloud must…",
      "date": "2026-08-25",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    }
  ],
  "coverage": null,
  "lastUpdated": "2026-10-22",
  "market": {
    "price": 532.95,
    "change": 1.08,
    "changePercent": 0.2031,
    "marketCap": 3957446872500,
    "pe": 29.6083,
    "nextEarnings": "2026-10-28",
    "exchange": "NASDAQ",
    "currency": "USD",
    "asOf": "2026-10-21T20:00:01.000Z",
    "source": "Financial Modeling Prep",
    "sourceUrl": "https://financialmodelingprep.com",
    "note": "Delayed quotes."
  }
}