Hood guides calendar 2026 capex to about $190B and Azure to accelerate in H2
On the April 29 fiscal Q3 call, CFO Amy Hood said Microsoft expects to invest roughly $190 billion in capital expenditures for calendar 2026, including about $25 billion from higher component pricing. She also said Azure growth should show modest acceleration in the second half of the calendar year compared with the first half, and that Microsoft expects to stay capacity-constrained at least through 2026. The stock was down 1.49% after hours at the time of the live coverage.
- Calendar 2026 capex roughly $190B, including about $25B from higher component pricing
- Azure growth to show modest acceleration in H2 calendar 2026 versus H1
- Q3 Azure growth was 40% in constant currency against a 37% to 38% guide
- Capacity-constrained at least through 2026
- Shares down 1.49% after hours at 4:13 p.m. ET (live coverage)
MSFT around the story · hourly24 h reaction ▼ 2.63%
Moves this explains
MSFT−4.02%Apr 29 · Fell about 4% (roughly 5% intraday) the day after fiscal Q3 results beat estimates, because capital spending jumped and investors focused on the cost of the AI build-out. Management had already guided calendar 2026 capex to about $190 billion in the results released the evening before.NVDA−5.23%Apr 29 · Fell 5.23% on the day Microsoft fell 4.02% after its fiscal Q3 report, which showed capex rising and about $190B of calendar 2026 capex guidance; the S&P 500 rose 0.88%. The move coincided with investor concern over AI spending, but no specific cause for Nvidia's decline is reported.Source
24/7 Wall St. (live earnings coverage)Apr 29, 2026, 5:30 PM ET