The MSFT Con Job

Walk me through why MSFT has a 36x PE and is at an all-time high…

• Is it because its AI effort - Copilot Pro - has been a complete failure?

• Is it because OpenAI is pulling business away from MSFT?

• Is it because Microsoft lacks a frontier LLM?

• Is it because MSFT revenue growth is poised to slow?

• Is it because CapEx spend will slow in fiscal 2026?

  Satya Nadella’s con job has worked. It’s a shame more people do not see though it.

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