Microsoft Routes Prompts to MAI Models Near $375 Lows as AI Hits $37B Run Rate

Microsoft shares remain pinned near $375 lows in early July while investors digest heavy 2026 capex against accelerating AI monetization. The latest catalyst arrived July 2-4 when reports of a potential OpenAI $1 trillion IPO lifted the implied value of Microsoft’s 27% stake to roughly $270 billion. Momentum built through late June as Deutsche Bank issued a Buy rating, a Jefferies CIO survey showed 85% planning higher 2026 software budgets, commercial RPO reached $627 billion, and AI annualized run rate hit $37 billion. By July 7, Microsoft joined peers in cost-cutting by routing more prompts to its own MAI models, underscoring the multi-model Azure strategy that reduces OpenAI exclusivity while preserving enterprise platform demand.