I think the bear case for Azure is they're now just a GPU service provider for OpenAI. This is a business, but it's not a great business. None of their AI products are industry leaders, and nobody would pick copilot if given a choice. Microsoft can't reuse their Teams bundling strategy because the unit costs of copilot are so high. Like for real where is the actually functional powerpoint or excel agent? It's not coming because these products are so sclerotic that there's no interface inside of these codebases for a current gen AI agent to use and provide customer value. Microsoft made it's bed by chasing the next shiny object and having a culture of crushing individual employee agency years ago. Executives might think that layoffs can instill innovation through fear and grind, but that is so misguided.