MSFT Slides to $411 in Software Sell-Off Despite Q3 Beat, $190B Capex

Microsoft shares slid to $411.38 on May 6 amid a broad software sector sell-off, despite strong Q3 results showing $82.9B revenue (+18% YoY), 40% Azure growth, $37B AI run rate, and $627B backlog (+99%). The stock plunged 24% YTD in March on Copilot adoption woes (15M users) and capex fears, rallied in April on Benchmark/BofA Buy ratings ($450/$500 PTs) and OpenAI amendments, then faced renewed pressure from record $190B 2026 capex guidance. Analysts stay bullish: KeyBanc holds $600 PT (~45% upside), consensus $556 (~34% from ~$413), with 55/58 Buy ratings.