After the market digests the 2026 AI spending plans of tech giants, a new differentiated landscape has emerged in the tech investment sector. Microsoft's stock valuation is relatively low, with its share price cheaper than IBM's. Since January 29, Microsoft's price-to-earnings ratio has consistently remained below that of IBM, a situation last seen on July 25, 2013. The market expects that by 2026, the total capital expenditures of hyperscale cloud service providers like Microsoft will reach $650 billion, a 60% increase from 2025. The massive spending by companies like Microsoft is gradually shifting their business models toward asset-heavy operations, leading investors to question whether they can maintain high valuations. Some even anticipate that the free cash flows of companies like Amazon and Meta could turn negative in 2026. Since releasing its earnings report on January 28, Microsoft's stock price has fallen nearly 14%, and analysts have downgraded its stock rating. Microsoft's capital expenditures are expected to reach $115 billion in 2026. While some argue that IBM may struggle to sustain a higher valuation than Microsoft over the long term and that Microsoft's financial position remains relatively robust, others point out that Microsoft's business is facing threats from AI and must increase its investments.