Slowing cloud growth and huge AI spending: Why Microsoft's stock is plunging the most in nearly 6 years

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"The number that sticks out like a sore thumb: remaining commercial obligations are up 110% to $625 billion, and OpenAI is a whopping 45% of that," he stated. "That's a lot of hope-and-a-prayer that OpenAI will be able to deliver. And recognizing any potential upside will require significant capex."