MSFT earnings on July 29 and I genuinely can't tell if the CapEx is the story or the problem

Azure numbers expected around 39-40% growth and revenue somewhere near $87B. On paper that's solid. But $35B in quarterly CapEx with 100%+ growth year over year? That's the thing I keep coming back to. Pulled up the valuation on MooMoo and MSFT is sitting at a P/E around 22.73x, apparently in the first percentile of its 5-year range. Like genuinely historically cheap for this name. And yet they've only beaten and rallied 4 of the last 12 earnings. So "cheap" hasn't mattered much. The gaming side is bleeding layoffs while the AI infra keeps eating cash. At some point free cash flow has to catch up to the story, right? ngl I'm holding a small position into July 29 but I'm not adding. The remaining performance obligations number ($633B, up 97%) is the bull case. The CapEx spiral is the bear case. Both feel real. Anyone else positioned into this one, or sitting it out until the dust settles? https://preview.redd.it/syjykzc336fh1.jpg?width=1600&format=pjpg&auto=webp&s=05604a40387db48ba797e2e8dbd1026f0c2e5f5d