MSFT up 3% Bernstein and Goldman pushing back on the AI spending concerns

Microsoft (MSFT) shares gained about 3% in afternoon trading yesterday and closed at $382.15. Bernstein kept their Outperform rating and $641 price target. They said the heavy AI capital spending is mostly a timing issue, not a problem with the business itself, and called the dip a buying opportunity. Goldman Sachs added to the tone, pointing out a broader value setup in the recent SaaS and tech sell-off. That brings some relief after the stock has dropped 19.2% year-to-date and sits nearly 30% below last October’s high of $542. It’s the second time in two weeks the shares jumped around 3% on positive analyst notes... the last one followed a $1B cloud/AI investment announcement in Thailand. Earnings are still a couple weeks out on April 29, so this feels like the market testing whether the AI investment worries have been overdone. Anyone holding or watching MSFT right now? How are you viewing the capex debate versus the longer-term growth story? Curious what others think about the big tech names that have taken similar hits lately.