Key points from Microsoft FY2026 Q4 (July 29, 2026) earnings call by CFO Amy Hood, and subsequent summaries from financial media (especially Reuters, Bloomberg Terminal, etc.)

English summary

Core content can be divided into three parts: 1. Why did the figure change from $190B to $175B? Previously (during the FY2026 Q3 call in April 2026), Microsoft expected calendar year 2026 capex of approximately $190B. The latest call revised this to approximately $175B for calendar 2026. Amy Hood specifically explained that this is not a cut in AI investment, but a change in the statistical scope of capex (accounting change / reclassification). 2. What does 'lease reclassification' mean? This is the most critical part. Microsoft builds AI data centers in two ways: Method 1: Buy assets (traditional CapEx) - buy servers, GPUs, switches, build data centers themselves; all directly counted as CapEx.