Microsoft Now Has 3 Generations of Its Own AI Chips. Nvidia Is Still the Chip Stock to Buy.

Impact · against what's priced in

The announcement of the Maia 300 chip introduces a long-term efficiency risk to Nvidia's hyperscale revenue, though current spending remains aggressive. For Microsoft, the shift toward in-house silicon supports future margin expansion that the market is not yet pricing into its current valuation.

MSFT+0.20

Challenges what's priced in

The price assumes

Whether Microsoft can... expand free-cash-flow margins beyond 20%