Microsoft's $625 Billion Riddle: Why Record Figures are Fizzling in the Shadow of the OpenAI Concentration Risk

Microsoft set operational records in the second quarter of the fiscal year 2026, reporting revenue of $81.3 billion and adjusted earnings of $4.14 per share. Despite these figures, which exceeded expectations, the stock lost significant ground in after-hours trading. The market's negative reaction can be attributed less to weak demand and more to growing skepticism regarding the quality of earnings and the massive structural risks arising from its close ties to OpenAI. The $625 billion riddle in the order backlog A central reason for investors'...