Microsoft (NASDAQ: MSFT) investors have owned two different companies in 2026. Or at least, they've been told two very different stories about the same one.
In the first half of the year, the story was fear. AI would disrupt software. Copilot was an expensive add-on nobody would pay for. Data center spending looked out of control. Not surprisingly, by late June, MSFT had sunk to roughly $355.
