Stocks
Microsoft's Stock Faces Test as Backlog Hits Record $678 Billion
Microsoft's stock has been on a tear, returning 37% over three months against 5.0% for the S&P 500.
The company's market value is about $3.7 trillion, making it a behemoth that requires significant new business to move its shares.
To meet demand, Microsoft is adding capacity and has already added another gigawatt of capacity in its fiscal Q4 2026 quarter.
It's on track to roughly double its overall capacity in two years, with Azure - its cloud platform - showing the first payoff as revenue grew 43% in fiscal Q4 2026 against 17.7% for the whole company.