$MSFT

$MSFT two years ago: • ~$420/share • Azure growing ~30% with $235B commercial RPO • AI revenue barely measurable $MSFT today: • ~$420/share • Azure re-accelerated to 40% growth with $627B Commercial RPO (+99% YoY) • $37B AI ARR (+123% YoY) with 20M+ Copilot seats (+250% YoY) • Maia 200 custom silicon in production Same stock price two years later but AI business behind it is unrecognizable.