Where Data Tells the Story
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Microsoft’s capital expenditure (CapEx) has surged 253%, climbing from $29 billion in 2022 to $103 billion in the twelve months ending Q3 2025. CapEx as a share of revenue jumped from 14.7% to 35.1%, reflecting massive investment in AI infrastructure and data centers. In contrast, research and development (R&D) spending rose a modest 35%, from $25 billion to $33 billion, with its share of revenue slipping from 12.4% to 11.3%.