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Microsoft (MSFT) reported fiscal second-quarter earnings after the bell on Wednesday, beating Wall Street estimates on both the top and bottom lines, with cloud revenue vaulting above $50 billion for the first time. But Microsoft’s stock tumbled 12.5% to a low print of the day of $421, slicing off more than $400 billion in market value. As investors seemingly panicked about the company’s ballooning artificial intelligence-fueled spending and potential OpenAI vulnerability, I want to use options to create an income stream and capture a snapback in this $3.2 trillion tech darling. Investors are concerned about high capex and OpenAI reliance: Microsoft’s capital expenditures for the quarter were $37.5 billion, higher than expectations, due to relentless investment in data centers and AI infrastructure. The company, led by CEO Satya Nadella, also disclosed that nearly half of its massive commercial backlog is attributable to OpenAI, raising concerns about concentrated customer risk. Has OpenAI become a “too big to fail” company due to its central role in the AI narrative? Maybe as OpenAI’s rapid growth has led to enormous commitments (estimated at $1.4 trillion for AI infrastructure like data centers and chips, far above its current annual revenue of roughly $3.7 billion). Opportunity knocks on software stocks, including Microsoft (MSFT), Salesforce (CRM), and ServiceNow (NOW), which all got slammed in Thursday’s trading amid pressure on the software sector ETF (IGV) from artificial intelligence (AI) disruption concerns. Microsoft plays a critical role in the U.S. economy as one of the largest and most innovative technology companies, spearheading advancements in AI, cloud computing, software, and productivity tools that underpin modern business operations, government functions and consumer life. Microsoft (MSFT) is an Essential 40 ETF (ESN) constituent that currently trades at its lowest forward price-to-earnings ratio in the last five years, at just 25.9. This unusual and inexpensive metric reveals a value proposition for the software juggernaut. The trade Selling the $425 2/20/26 put for $7.25 Buying the $450 2/20/26 call for $5.00 This spread allows an investor to collect $2.25 or $225 per one lot. This spread was executed when MSFT was roughly trading at $434. An investor must be prepared to own MSFT at $422.75 in the event Microsoft settles below $425 on expiration date. DISCLOSURES: Kilburg is long MSFT and this spread. All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, or its parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.