The stock is 30% below its all-time highs.

The chart shows a complete cycle: the post-launch euphoria of ChatGPT led $MSFT to massive outperformance, but now we're back to exactly where we started in relative terms.

The question remains: is this sufficient capitulation or just the beginning of a deeper reassessment of the AI premium that has been priced into big tech companies?

Still high multiples suggest that the market continues to pay for future growth that may not materialize at the expected pace.