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The Clash of the Titans: Microsoft vs. Meta
One spend and results are different

We are now living through the height of the "technical arms race".
Microsoft and Meta are not spending just for luxury, but to reserve a seat in a future that is ruthless to the vulnerable.
But why did the market reward Mark and punish Satya when they both empty their coffers to buy (GPUs) chips?
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First: Comparison of (CapEx) capital expenditure for 2026
When we look at the figures announced yesterday regarding spending on the AI race, we find that both two countries have promised massive spending in 2026

- Satya to spend 150 billion on data centers and chips
- Zuckerberg will spend $135 billion on developing Meta's Llama model and its applications in ads and smart glasses
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Second: Why did the two paths diverge? (سهم fly and يسقط) arrow
Despite the intensity of spending by both parties,
However, the market philosophy in evaluating each of them was quite different this quarter:

1. "Meta": Spending that Turns Instantly to Cash
The market rewarded Meta for proving that its AI is now "selling."

When you see a 24% growth in ad revenue, and a 7% increase in the number of active users to reach 3.58 billion,

The investor understands that the billions that Mark spends immediately return in the form of more accurate algorithms, higher engagement, and therefore real tangible profits. Today Mark is the "King of Efficiency".
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2. Microsoft: A Victim of "Paper Profits" and Distant Promises
On the other hand, Microsoft's stock fell for two fundamental reasons:

Non-cash profits:
Much of Microsoft's revenue growth (حوالي دولار) 7.6 billion was the result of a revaluation of its investment in OpenAI.

The professional investor eliminates these "paper" numbers and focuses on the actual cash flow, which seemed to be affected by terrifying spending.

Bottleneck in Azure:
Although Azure grew by 39%, the company acknowledged capacity limitations;

That is, demand is higher than the capacity of its current data centers.
This means that the company is "gasping" behind the demand and spending billions just to catch up, not exceed it, raising the risk ceiling.
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Conclusion and Message to the Investor:
The fundamental difference is the "speed of converting investment into return".

At Meta, AI optimizes the product you are currently using (Instagram/WhatsApp), increasing profits today.

At Microsoft, AI is building infrastructure for the future, and the real return may take years to appear on the balance sheet in purely monetary form.

The market in 2026 is no longer satisfied with the word "AI" to lift the stock.

Today's market is asking, "Where's the cash?" and Meta had the strongest answer.

Do you think that Microsoft's stock decline is a long-term "buying opportunity"?

Or is the cost of staying on top of the table outweighing the expected return?

Waiting for your discussions, and follow me for more in-depth analysis