Microsoft (MSFT) is set to report its fiscal third-quarter results on April 29. Although the stock has recovered some recent losses as big tech shares rallied, it remains about 12% lower for the year, pressured by heavy spending on AI infrastructure and rising competition. MSFT also trades below its historical valuation multiples, but it still needs to prove AI monetization and sustained growth to drive a meaningful re-rating. Despite the recent weakness, Wall Street remains highly bullish, with