Microsoft remains a Strong Buy as it transitions from SaaS to a global reasoning-as-a-service (RaaS) cognitive utility. MSFT's $190B CapEx and proprietary Maia/Cobalt silicon drive margin decoupling, reducing reliance on third-party hardware and expanding long-term gross margins. Consumption-based pricing for M365 and GitHub Copilot unlocks TAM beyond seat limits, though it introduces macro-cyclicality and risk-premium changes.