I added to my Microsoft (MSFT) position following its March 4 presentation at the Morgan Stanley TMT Conference 2026. The investment case is strengthened by its aggressive push into AI and agentic computing, supported by strategic partnerships like OpenAI. Despite near-term headwinds such as rising capital intensity and capacity constraints, Microsoft’s focus on cost efficiency and model optimization is encouraging. A notable >20% growth in subscriptions and expansion beyond the traditional Office ecosystem signal durable demand. The shift toward hybrid subscription and usage-based models further enhances long-term monetization potential and justifies continued capital allocation.