Microsoft beat earnings, but shares fell as Azure growth slowed, margins tightened and nearly half of its backlog relied on OpenAI, raising concerns about future performance.

This could be a key moment for anyone interested in buying Microsoft stock.

Microsoft stock was headed for its worst one-day drop since the depths of the Covid-19 market rout, after the company reported unexpectly high spending on AI infrastructure and slower cloud growth. The stock dropped about 11%,

Microsoft (NASDAQ: MSFT) continues to provide investors with earnings beats and strong growth in its cloud, AI and gaming segments.

Microsoft's commercial backlog more than doubled year over year, pointing to enormous demand for AI.

Major equities indexes fell Thursday, pulled lower by shares of Microsoft and software stocks, as investors mulled a flurry of corporate earnings reports.

Big earnings movers include Meta, Tesla, and Lam Research. Apple earnings are due late.