Why did $MSFT expand its OpenAI disclosures, change the useful lives of its datacenters (with no impact on depreciation), and revise its capital expenditure outlook - all at the same time? @fmckenna.bsky.social dig into accounting in our new piece: deepquarry.substack.com/p/microsofts...
Microsoft's 2026 Annual Report: What's going on with all the accounting changes?
Microsoft's latest disclosures are a little more but still not enough to fully explain its relationship with OpenAI, its capital expenditures, and its free cash flow. We'll try to shed some light.
deepquarry.substack.com