What’s the Microsoft bull case?

Microsoft has a wide, competitive software moat, but software in general is under threat from growing AI capability. As far as the AI race is concerned, it seems their cloud service azure lags behind competitors like Google, and others. They recently lost their solo relationship with open AI. Microsoft copilot is more of a software enhancement than a functioning chatbot. It doesn’t seem anywhere near as advanced industry piers. Why is Microsoft a better longterm, risk adjusted opportunity than its competitors, or any other play in the market for that matter?