Microsoft up, Google down, and a Fed that talked like it was hiking.

MPC Markets Morning Call · Oct 28, 2026 · 18m

Microsoft up, Google down, and a Fed that talked like it was hiking.Thursday 29 October. Microsoft’s Azure grew nearly 50% to $33 billion, with a $677 billion backlog, and the market called it the most responsible approach to AI spending. Google Cloud grew 103%, but free cash flow went negative and the stock fell around 11% after hours. Free cash burn, not growth, is what the market is pricing right now, as Meta also found out.

Also on the call: a hawkish Fed press conference, chip stocks surging again, ServiceNow’s 16% fall, Australian CPI at 4.3% derailing the ASX, US rail and industrial…