Reading all the B-end is useless Silly guy has been on vacation these days while doing something else. Research core technology blue chip stocks in the US stock market. Before, when I looked at AI targets, I always felt that they were a bit lacking, Where is the difference? Compared to the best companies on the US stock market. Only by understanding the current best batch of companies can we know the quality of AI stocks. In addition, almost all of these top technology blue chips are laying out AI+self-developed chips to bypass Nvidia. In depth research on AI cannot avoid these blue chips. Silly guy, let's talk about Microsoft today. What is Microsoft? Many people still believe that Microsoft is Windows+Office. In fact, Microsoft is currently ranked as the number one (enterprise software - O&CE 450 million paying users)+the world's number one (games - Activision+Xbox)+the world's number one (development number two (cloud services - Azure 22% market share)+ecosystem - GitHub+VS)+the world's number one (professional social LinkedIn 1 billion users) This is almost a perfect company, a textbook level high-quality enterprise. Excellent ecological stickiness+complete moat+domineering pricing power+forward-looking investment layout Let's make a few judgments, silly brother: 1. In the long river of history, Office has defeated countless free version players and defined the modern business language. Its moat is so deep that even if competitors offer the same features for free, it is difficult to replace it in the short to medium term. 2. Microsoft is the most certain winner in the "enterprise AI application layer". Google's C-end and Microsoft's B-end are unbeatable. 3. More direct benefits than Google (without relying on search)+higher profit margins than Amazon+more aggressive AI than Apple 4. The moat has widened in the AI era, thanks to the pioneering layout of openAI, and Copilot in the AI era has further deepened the moat for M365. 5. B-end AI takes the lead in monetization: Copilot offers 20 million paid seats (YoY+250%); AI business $37B run rate (+123%); 6. In the era of AI, we can eat three pieces of meat: the only strategy that benefits from AI computing power (Azure), AI applications (Copilot), and AI models (OpenAI investment) at the same time, with triple returns. This strategic layout is remarkable. 7. The financial report is almost perfect, except for the large investment in capex, I won't elaborate on it specifically. A good company is like that, while researching, it also raises respect in one's heart. Therefore, it is said that if one does not know MSFT, it is useless to see all the B-end companies. What does Microsoft look like in your mind? PS. It's too late, silly brother will write about Doha first.