$Microsoft(MSFT.US)Microsoft keeps feeling stuck in that “strong but sleepy” phase. Not breaking down, but also not giving the explosive follow-through people got used to during the AI mania.

Part of it is simply size — at this scale, MSFT trades more with rates and macro liquidity than pure excitement now. And with yields still elevated plus AI spending already heavily priced in, the market wants clearer monetization before re-rating it higher again.

So this kind of sideways grind could honestly last a while. It feels less like weakness and more like a giant mega-cap digesting an enormous run.

@Bridge Buzz SG