On Jan. 29, 2026, a rare post-earnings tumble in Microsoft rattled tech stocks even as the Dow hovered near records. What this means for investorsStocks dipped sharply this morning as markets digested yesterday’s after-the-bell earnings from Microsoft. Heavy AI spending is a big concern. Meta beat expectations and gave optimistic forecasts for the next quarter. Unlike Microsoft, unease about excessive AI spending was balanced by cash generation in the rest of the business.