Microsoft shares traded sharply higher on September 25, 2026, rising more than 3% intraday to the $516–$518 range after the company expanded its Copilot AI assistant, building on fiscal Q4 2026 results that showed Azure revenue surging 43% year-over-year and Microsoft 365 Copilot paid seats exceeding 30 million. Strong commercial remaining performance obligations of $678 billion and revised calendar-2026 capex guidance near $175 billion, reflecting accounting adjustments rather than reduced investment, have supported sentiment amid ongoing AI infrastructure spending. Recent analyst upgrades, including Stifel’s shift to Buy with a $575 target, reflect confidence in accelerating cloud and AI monetization, though elevated Treasury yields near 5.15% on the 10-year note continue to pressure valuation multiples for growth-oriented tech names.