Will Microsoft's FY2026 capex growth decelerate to below 25% YoY?

Microsoft's FY2025 capex guidance (5-8% growth) represents sharp deceleration from FY2024's 29%, establishing a lower base. Historical capex intensity patterns suggest reverting toward 10-11% of revenue, and continued margin pressures make sustained 25%+ growth structurally unlikely by FY2026 absent transformative new product cycles.