Microsoft

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AI take

Microsoft is trading the AI-capex sleeve as SpaceX's Super Intelligence print and Super Micro's preliminary sales lift reopened the infrastructure-spend debate into Huang's GTC Berlin keynote. Warsh told the IMF that AI is already a near-term demand shock putting upward pressure on inflation, a two-sided overlay for any hyperscaler whose spend is being re-underwritten. Tonight's Meta and Tesla prints are the next read on whether agent and capex commentary stays constructive. Watch remaining data into the FOMC and Microsoft's next print.

Scheduled take · 2026-10-21T03:10:04Z