Microsoft Trader Closes $36 Million Call Spread Ahead of 2027 Expiry

A significant trade in Microsoft call spreads has raised questions about the company's future direction. On September 1, 2026, CNBC reported on a trader who closed two long-dated bullish call spreads for a combined credit of approximately $36 million. The contracts still had over a year left to run before their December 2027 expiry.

The trades were for a total of 30,000 call contracts and spanned strikes between $595 and $725. Closing these positions for a credit means the holder took money off the table rather than waiting to see if Microsoft clears the upper strike by expiry.

Despite the trader's exit, broader sentiment does not appear bearish. The full-chain put/call ratio is 0.55, and the December 2027 expiry shows a put/call ratio of just 0.02 with call volume of 34,372.

Azure and Copilot are key drivers of Microsoft's growth, with Azure revenue up 43% year over year and Copilot adoption improving at 30 million paid seats. The company's fiscal Q4 2026 report showed a beat in revenue and non-GAAP EPS, with commercial remaining performance obligations reaching $678 billion.