NEW YORK, Feb 14, 2026, 10:08 EST — The market is closed.
- Microsoft shares head into the upcoming U.S. session under a new cloud of regulatory scrutiny.
- Investors want to see signs that AI spending is making a dent in margins and driving cloud growth.
- U.S. cash markets are set to reopen Tuesday, following Monday’s holiday closure.
Microsoft Corp finished Friday just a touch lower, slipping 0.1% to $401.32 as traders headed into a long U.S. holiday weekend. According to Bloomberg News, the U.S. Federal Trade Commission is ramping up its examination of Microsoft’s cloud, AI, and software licensing activities. The FTC has issued civil investigative demands—essentially subpoenas—to at least six competitors, Bloomberg noted.
The investigation cuts deep for Microsoft, whose business relies heavily on bundling—think Azure cloud, security offerings, AI solutions, all often paired with Office and Windows. That ability to set prices is a central argument for MSFT bulls.
The timing comes as debate heats up over whether AI outlays are paying off. Back in late January, Microsoft’s CEO Satya Nadella told analysts AI was still in the “early innings”—that was the line as the company justified ramped-up spending. “revenues are up 17% and the cost of revenues are up 19%,” LOGO ETF portfolio manager Eric Clark pointed out in a Reuters report. Reuters
On Friday, Microsoft put its weight behind another topic—trust, and the question of cross-border data. Alongside Ericsson, the company spearheaded a coalition of 15 firms under the banner “Trusted Tech Alliance,” laying out principles aimed at ensuring technology is used safely no matter its origin. “many governments and countries are feeling pressure to create stronger technology borders,” said Microsoft President Brad Smith to Reuters. Reuters
The calendar throws in a twist. U.S. stock markets will skip trading on Monday for Washington’s Birthday, the NYSE holiday schedule shows, with the next session slated for Tuesday.
As is often the case for big tech, rates remain in the backdrop. The Federal Reserve plans to release minutes from its Jan. 27-28 policy meeting this Wednesday, Feb. 18, with the drop set for 2 p.m. ET.
So far, Microsoft and the FTC haven’t issued any public statements on the Bloomberg report. Traders are looking out for any official word. Even a small signal about tweaks to Microsoft’s cloud licensing or product bundles could feed directly into how people model long-run margins.
The downside? It’s complicated. Antitrust scrutiny can stretch out indefinitely, with investigations sometimes expanding unexpectedly. All the while, Microsoft needs to maintain cloud momentum as it pours money into an ambitious AI infrastructure expansion.
Investors are watching for signals from Microsoft. The company’s investor page shows Nadella is slated to appear at the Morgan Stanley Technology, Media & Telecom Conference on March 4.
The AI spending story is setting up for sharper moves next week. MarketWatch, pulling Bloomberg figures, reported that the “Magnificent Seven” ramped capital expenditures to almost $650 billion last year—up roughly 30% from the prior period—and pointed out Microsoft is nearing bear market territory, meaning shares are close to 20% off their highs. Nvidia’s earnings drop Feb. 25 and will be key for traders eyeing where AI investment heads next. Marketwatch
