Optionality

mixed — legally free discretionary treasury, but a rising majority self-earmarked to the AI buildout (capex ~$107B/yr, up from $64.6B FY25) + ~$26B/yr dividend

high confidence · as of 2026-07-26 · about Microsoft

Sourced figures 2

stockanalysis.com MSFT cash-flow statement capex risen $64.6B (FY25) -> ~$97-107B (TTM); dividend $25.9B/yr
2026-03 high
companiesmarketcap.com (aggregate page) market cap ~$2.835T (SIDE-LABEL, not commanded capital)
2026-07 med

the working

Threads 11

Memory Squeeze developing
Microsoft's Hedge developing
Hyperscaler Capex open
Microsoft Capex developing
Compute Spend open
Power Buildout open
In-House Silicon open
Nuclear for AI open
Big Tech into Health open
Microsoft Health open
Dragonfly Return open

A claim is one metric we assert about a node — the value is the summary, this page is the receipt. Sourced from kestrel; supersedes-history not yet shown. Back to Microsoft.