Microsoft (MSFT +0.35%) has been in the driver's seat of the AI boom ever since it started with the launch of ChatGPT. After OpenAI restructured, Microsoft now owns a 27% stake in the start-up, valued at $135 billion. Microsoft's stock tumbled by double digits as investors were skeptical of the company's capital expenditure plans and as it forecast slower growth and lower margins ahead. Microsoft stock had been struggling coming into the report as investors seem to be questioning its AI strategy and are mindful of the risk of a bubble in the sector. Microsoft still enjoys a number of competitive advantages, and Azure is posting impressive growth, forecast at 37%-38% for the current quarter.