Microsoft shipped its largest Patch Tuesday on record, fixing 622 vulnerabilities, more than triple June's previous high, and two of them are already being exploited. Both live bugs are privilege-escalation flaws in identity and collaboration infrastructure rather than flashy remote code execution: CVE-2026-56164 in on-premises SharePoint Server lets an unauthenticated attacker escalate over the network, and CVE-2026-56155 in Active Directory Federation Services lets an authenticated attacker gain higher privileges, both found by incident responders inside real attacks. A third zero-day, a BitLocker bypass needing physical access, was publicly disclosed but not exploited. The sheer volume, driven partly by AI-assisted bug finding, makes prioritizing by exploitation status, not severity score, essential this month.