$Microsoft(MSFT.US)1. Microsoft is currently being grilled over the fire: if it doesn't invest heavily in AI, it can't catch up with Google and Amazon; but if it does invest, its cash flow can't handle it, burning a record $37.5 billion in a single quarter, completely draining its free cash flow.

2. Copilot simply isn't selling. After two to three years of promotion, it only has 15 million paying users. Anthropic's Cowork is hot on its heels, and the market is guessing it will eventually have to give Copilot away for free, which would completely eat into the profits of its most lucrative Office business.

3. Azure's growth rate is already slowing down, yet it remains heavily reliant on a single client, OpenAI. Nearly half of its future $625 billion cloud contracts are tied to this one client. With such a heavy bet on a single customer, if anything goes wrong on that side, its valuation will continue to take a beating.