Microsoft Corp. (MSFT): NDR Meetings: Enterprise shift to AI platforms is validating key strategic decisions from the last 3 years

We hosted investor meetings with Head of IR, Jonathan Neilson; and Director of IR, Danielle Criste; in Stockholm, Zurich and London the week of 9/14. These meetings followed investor meetings and our keynote with CFO Amy Hood in SF the week of 9/7. Our sense is that Microsoft has made several key AI decisions in the last 3 years that are now paying off as enterprises evaluate the importance of platform offerings in AI, including a) front loading long-dated capex - such that the company has greater flexibility today over short-dated capex decisions; b) balancing capex allocations between 1P applications and 3P customers - such that Copilot and MAI have improved in their quality of outputs;