Microsoft's 'Accounting Magic' vs Meta's 'Cash Flow Plunge': Same-Day Earnings Reveal the Ice and Fire for AI Giants

English summary

### Microsoft's 'Accounting Magic' vs Meta's 'Cash Flow Plunge': Same-Day Earnings Reveal the Ice and Fire for AI Giants Time: 2026-07-30 16:11:17 Content: Microsoft's '$175 Billion': Accounting Magic and the 'Spending but Profitable' Closed Loop. This is not stopping investment, but optimizing investment pace and accounting presentation. Accounting magic masks real expansion: Microsoft lowered its FY2027 capital expenditure guidance from $190 billion to $175 billion, not by cutting projects but by extending data center useful lives (from 15 to 25 years) and adjusting lease accounting treatment. In reality, Microsoft's signed but not yet effective data center lease contracts amount to $329.1 billion, and expansion is far from over. AI is starting to truly make money: The market bought it because Microsoft proved the business closed loop. Azure annualized revenue surpassed $100 billion, and AI business annualized revenue surpassed $37 billion.…