Nasdaq futures slide as mixed Big Tech results test AI trade

Impact · against what's priced in

Mixed earnings results for Alphabet and Microsoft provide limited new information but increase pressure on the AI monetization narrative. The news is marginally negative as it validates market skepticism regarding the immediate payoff of heavy AI capex, which the current prices for both stocks already struggle to value.

MSFT−0.10

Already priced in

The price assumes

The bull case that AI monetization justifies a valuation 28-38% higher

Mixed results reinforce why the market is currently refusing to pay for the aggressive AI monetization targets that would drive the stock 28-38% higher.

What MSFT's price assumes · Sep 21

• microsoft▲1000%
• alphabet▲200%
• earnings▲12%
• MSFT
• GOOGL
• inflation
• ai