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This is why I have been pounding the table on $MSFT lately: It’s the only hyperscaler that doesn’t expect even a quarter of negative FCF throughout this investment cycle. Plus, it hasn’t raised a single dollar of debt to fund AI capex, while all the other hyperscalers have tapped the debt markets. On top of that, add high-margin growth from Copilot adoption and consumption-based pricing: Also, there is no disruption risk because its productivity software suite is the default medium of exchange for knowledge work. Still trading at just 20x forward earnings. Couldn’t be more bullish on $MSFT.