[Morgan Stanley: Microsoft Reshapes Business Structure for the AI Era, Reiterates 'Overweight' Rating] According to Jin10 reports, a Morgan Stanley research note stated that Microsoft (MSFT.O) announced a broad adjustment to its external reporting structure, effective in fiscal year 2027. The company will merge its three historical operating segments—Productivity and Business Processes, Intelligent Cloud, and More Personal Computing—into two new segments: 'Agents and Infra' and 'Devices and Consumer.' This move aims to align with the increasingly integrated internal management approach of Cloud + AI. The firm believes this adjustment is primarily an accounting reclassification and does not alter the underlying economics. Changes in the metrics for Azure and Microsoft 365 are considered mechanical adjustments. Morgan Stanley maintains its view that Azure will accelerate in the first half of fiscal year 2027 compared to the second half of fiscal year 2026, and that Microsoft 365 Commercial Cloud growth will also accelerate in fiscal year 2027.