MSFT is accelerating its gains on August 28 and is trading around $510-511, up about 1.2% and testing new local highs. After correcting toward $480, the stock formed a sequence of higher lows, moved back above $500, and is now attempting to hold above the $505-510 zone.
This makes the current price action noticeably more constructive: the market is no longer simply recovering from the August pullback, but is starting to confirm a renewed upward impulse. Support is also coming from Nvidia’s strong earnings, which confirm resilient demand for AI infrastructure and reduce concerns about an imminent end to the data center investment cycle.
Copilot monetization becomes next growth test
At the same time, Microsoft’s ability to convert this infrastructure cycle into actual usage of enterprise AI products is becoming increasingly important. The company continues to expand Microsoft 365 Copilot, adding Python in Excel and new tools for enterprise data and AI agents.
At this stage, this is particularly important: the market already understands the scale of Microsoft’s AI investments, so the new valuation driver is no longer CapEx growth itself, but growth in paid workloads, Copilot usage across the existing corporate customer base, and higher revenue per client.
Treasury yields remain main external constraint
An additional risk remains the cost of capital. The 10-year Treasury yield is holding around 4.68-4.69%, while the 30-year yield is near 5.2%, so the current rise in MSFT is taking place despite a relatively tight bond market.
This makes today’s price action more significant: the stock is showing relative strength even without support from falling yields. If Treasuries begin to sell off noticeably and the 10-year yield moves above 4.70-4.75%, this could make further multiple expansion more difficult. By contrast, lower yields would add further support to the momentum.
$510 breakout opens path toward $520
From a technical perspective, the breakout above $505-510 significantly improves the near-term outlook. If MSFT can hold above $510, the next target becomes the $515-520 area, while a move through that zone would open the way toward $525-530.
At the same time, after the rapid advance, the probability of short-term profit-taking is increasing, so a return below $505 by itself would not yet break the bullish structure. The more important support zone is now $500-495: as long as the price remains above it, as I noted in Microsoft gains support from Nvidia as AI infrastructure cycle strengthens, buyers retain the advantage.
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