---
title: "Two AI earnings reports on the same night: one heaven, one hell."
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/43068841.md"
description: "Microsoft (+9%): Azure up 43%, Copilot reaches 30 million users, backlog of orders at 678 billion. Capex $41 billion up 70%, free cash flow $19.6 billion down 23%. Meta (-8%): Net profit $15.8 billion down 14%, expenses up 55%. Capex $31.1 billion up 83%, free cash flow plummeted from $8.5 billion to $780 million, a 91% drop. Profit margin fell from 43% to 31%. Three Fed officials supported rate hikes, Brent crude rose 7% to $87.6, and the Philadelphia Semiconductor Index dropped another 5.3%. AI valuation is shifting from an 'imagination premium' to a 'realization discount'."
datetime: "2026-07-30T08:06:42.000Z"
locales:
  - [en](https://longbridge.com/en/topics/43068841.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/43068841.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/43068841.md)
author: "[川中尋牛](https://longbridge.com/en/profiles/2081284632783667200.md)"
---

# Two AI earnings reports on the same night: one heaven, one hell.

Microsoft (+9%): Azure up 43%, Copilot has 30 million users, order backlog $678 billion. Capex $41 billion up 70%, free cash flow $19.6 billion down 23%.

Meta (-8%): Net profit $15.8 billion down 14%, expenses up 55%. Capex $31.1 billion up 83%, free cash flow dropped from $8.5 billion to $780 million, down 91%. Profit margin fell from 43% to 31%.

The Fed's three hawks supported rate hikes, Brent crude oil rose 7% to $87.6, and the Nasdaq Composite (费半) plunged another 5.3%.

AI valuations are shifting from an "imagination premium" to a "realization discount".

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