Microsoft Is Benefiting From AI-Driven Growth

Microsoft's strategy is to make its software and cloud infrastructure the foundation for customers' adoption of artificial intelligence. We believe its position across productivity applications, identity, security, developer tools, and Azure gives it several ways to capture that demand. The opportunity extends beyond selling access to models: Microsoft can supply the computing capacity, connect enterprise data, and manage how employees and software agents use it. Supporting several model suppliers lets customers change models within Microsoft's platform. We favor this approach, which keeps the opportunity broader than a single AI investment.