Microsoft is rated a Buy, driven by underappreciated revenue upside from usage-based billing in Microsoft 365 Copilot. Azure's rapid growth set a high baseline, but future upgrades hinge on new billing models and Copilot monetization, not just cloud acceleration. Cloud gross margin and Microsoft 365 commercial growth are key metrics; a margin above 65% and >18% commercial growth signal successful execution.
Read on seekingalpha.com