Hedge Funds Buy Microsoft and Uber as Stocks Fall 23-26% From Highs

On May 23 2026, two reports highlighted aggressive Q1 hedge-fund buying in beaten-down tech names, with Microsoft singled out as a top target. Despite trading ~23% below its recent peak, Microsoft posted Azure revenue growth of 39% (its 11th straight quarter above 30%), Microsoft 365 Copilot seats surging 250% YoY to 20 million, and AI ARR jumping 123%. Uber, roughly 26% off its highs, also attracted notable institutional interest after reporting Q1 revenue of $13.2B, gross bookings up 25% to $53.7B, and trips rising 20% to 3.6B. The coordinated smart-money flows suggest institutions view the recent sell-off in large-cap tech as a buying opportunity.