I added to my Microsoft (MSFT) position following its presentation at the Morgan Stanley TMT Conference, where Satya Nadella reinforced the company’s long-term AI strategy. Microsoft is aggressively investing in AI and agentic computing, positioning itself at the center of the next software paradigm shift. Despite near-term headwinds such as rising capital intensity and capacity constraints, the company’s strong subscription growth of over 20% highlights resilient demand. Its evolving model—blending subscriptions with usage-based pricing—signals expanding monetization avenues beyond Office. I view current investments as necessary to secure durable, long-term growth.