Microsoft just reported Q2 2026 numbers, and the market’s reaction was chilly 🥶.

Despite a headline beat on earnings and revenue crossing $81 billion, the stock slid over 6% in after-hours trading. Why? Because the "beat" was largely fueled by a massive $7.6 billion accounting gain from OpenAI, while the real story lies in a capital expenditure number so large it has investors checking their math.

In this episode, Susie and Miro break down how Microsoft spent $37.5 billion in just 90 days-essentially burning the annual revenue of a Fortune 500 company to build what Satya Nadella calls a "Token Factory."

We unpack the terrifying economics of "short-lived assets" (GPUs that depreciate in just a few years) and the race for silicon independence with the new Maia and Cobalt chips. Plus, we dig into the startling revelation that 45% of Microsoft’s commercial backlog is now tied to a single entity: OpenAI.

Is Microsoft building the future, or just a very expensive utility company with an expiration date? Tune in to find out. 🎧