News Summary

• Microsoft kept its 2026 capital spending plan unchanged.
• Google added another $15 billion to its forecast, Amazon increased 2026 spending by $20 billion, and Meta boosted its plans, too.
• Memory chip prices have soared, which has pushed capex even higher.
• Microsoft isn't immune to this, which means its decision to hold spending steady is arguably more cautious than it first appears.
• And yet, investors loved it.
• When CFO Amy Hood outlined the conservative spending plan on a call with analysts, Microsoft shares immediately surged.
• By the end of Thursday, the stock was up 15%, Microsoft's best day on the market in almost two decades.