Its P/E has retreated to the 23x. With quarterly CapEx hitting $37.5 billion, investors fear that depreciation will eat alive the bottom line before AI apps can scale.
Azure continues to sprint with 39% growth. The secret weapon? The full-scale rollout of the Maia 200 chip in H2 2026. This custom inference silicon offers a 40% better price-performance ratio, serving as a critical defensive moat to lock in Azure’s 67% gross margins.
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