In its second quarter earnings report on Wednesday, tech giant Microsoft reported $37.5 billion in capital expenditures, exceeding market estimates by more than a billion. The spending was up 66% from a year earlier, and roughly two thirds of it was primarily spent on GPUs and CPUs, Microsoft executives said in an investor call. A few months ago, a report like this would have sent and did send Microsoft stock soaring. But on Wednesday, it had the opposite effect, and the stock went down 7%. As...
