I added to my Microsoft position following its presentation at the Morgan Stanley TMT Conference 2026. The core thesis remains intact: AI is not just an enhancement but a platform shift. Despite near-term headwinds such as rising capital intensity and capacity constraints, Microsoft is investing aggressively in AI and agentic computing while maintaining cost discipline. Subscription growth above 20% reinforces demand durability. More importantly, the evolution toward hybrid subscription and usage-based models unlocks new monetization layers beyond Office. With strong OpenAI alignment and long-term capital allocation focus, I see current investments as laying the groundwork for sustained compounding.