New York, February 15, 2026, 10:14 ET — The session has ended.
Microsoft Corp (MSFT) wrapped up Friday’s session at $401.32, slipping $0.60, as fresh scrutiny from the U.S. Federal Trade Commission landed on the company’s AI and cloud business, according to Bloomberg. The FTC, Bloomberg reported, has ramped up its investigation this year, sending out civil investigative demands to Microsoft’s competitors for details on licensing and on how Microsoft bundles AI, security, and identity offerings. Both Microsoft and the FTC stayed quiet when asked for comment by Reuters. (Reuters)
Bulls are running into bad timing here. The inquiry arrives just as investors grow uneasy over Microsoft and its cohort’s ability to keep raising prices—especially with all the cash going into AI infrastructure, and rivals charging that “bundling” limits customer choice.
Microsoft is running up against a market that’s lost its patience. According to MarketWatch, shares have fallen 25.9% from the Oct. 28 record close, dragging the stock deep into bear market territory—well over that 20% drop from the high. In the same piece, MarketWatch pointed to a projected $650 billion in AI-related capital spending by Amazon, Microsoft, Meta, and Alphabet for 2026. That figure, covering data centers and equipment, keeps the spotlight on whether big revenue will really follow all the investment. (MarketWatch)
Friday didn’t offer much of a lift. The S&P 500 managed a slight 0.05% gain, but the Nasdaq slipped 0.22%. U.S. consumer prices climbed less than forecast in January—still, traders leaned harder on the idea of a rate cut coming in June, according to Reuters. “Large cap tech stocks continue to be an anchor on the market and any whiff of optimism continues to get rejected,” said Michael James, managing director at Rosenblatt Securities. (Reuters)
With U.S. stock markets shuttered Monday for Presidents Day, investors won’t get fresh cues on Microsoft or its tech peers until trading picks up again Tuesday. (Nasdaq)
Microsoft’s immediate question is simple enough: will the FTC probe remain at the data-collection phase, or could it escalate and pressure the company to alter its licensing or tweak how it bundles products? Market watchers are also tracking what’s happening with Amazon’s AWS and Google Cloud from Alphabet, scanning for any hints of shifting customer price sensitivity.
There’s also the rates angle lurking in the backdrop. Climbing Treasury yields—stand-ins for borrowing costs—tend to sap demand for long-duration growth names. Megacap tech stocks can get knocked down fast, even if there’s no fresh news tied to the firms themselves.
The downside here isn’t straightforward. An investigation doesn’t always end up in court, and penalties aren’t a given—regulators sometimes take months to figure out if they even have a case. On the other hand, with trading thin around a holiday, any headline could spark an outsize move.
Markets are eyeing Wednesday for the next big move: The Federal Reserve is set to drop minutes from its Jan. 27-28 meeting at 2 p.m. ET, stirring the pot for rates and shaping risk sentiment in the tech sector. (federalreserve.gov)
