NASDAQ:MSFT 7 December 2025 - 10 December 2025

Microsoft shares rose 1.1% in premarket trading after a 3.18% decline the previous day, as investors focused on Chevron’s 20-year deal to supply natural-gas power to Microsoft’s new Texas AI data center. This deal highlights a shift in AI from software growth to securing energy, with Caterpillar gaining a direct role in the project through co-located power infrastructure. Despite this, concerns remain about the broader costs of AI infrastructure. The Nasdaq 100 futures fell over 2% before the bell, reflecting ongoing weakness in growth stocks, while blue chips like Caterpillar and Visa helped the Dow outperform. In the previous session, the S&P 500 lost 0.48% and the Nasdaq dropped 1.41%, weighed down by declines in Alphabet, Meta, Amazon, and Microsoft, with Alphabet falling about 5.5%-6%. Microsoft’s Azure reported 40% growth, but its shares slipped amid worries about AI spending. Index ETFs were little changed after hours, maintaining the pattern of blue chips holding up better than growth stocks. SpaceX is set to join the Russell 1000, with a 90.4% growth allocation, and recently saw a 5% drop after the Fed signaled a possible rate hike later this year. Microsoft shares have trailed the broader market, falling 2.9% since June 12, and insider filings show nearly $10 million in shares sold in June. Investors are also watching upcoming catalysts such as Micron’s earnings and new U.S. inflation data, which could further test sentiment around AI spending.