Microsoft's fiscal fourth-quarter 2026 results, released July 29, represent the dominant driver of recent share-price momentum heading into the July 31 close. Revenue reached $90 billion (up 18% year-over-year) with adjusted EPS of $4.74, exceeding consensus by roughly 12%, fueled by 43% Azure growth and continued Microsoft 365 Copilot adoption. The stock rallied sharply from the mid-$390s pre-earnings to the $460–465 range, reversing much of its 19% year-to-date decline against a firmer S&P 500 backdrop. Traders are pricing in sustained AI-related capital expenditure and cloud demand, though elevated spending and macro sensitivity remain key variables. With the month-end resolution imminent, any final-session volatility tied to broader tech flows or index rebalancing could influence the outcome.