Why are people so bearish on MSFT?

I get it, Copilot sucks, but I think people are only measuring it from the perspective of how it is right now, not what it can be in the future. The Will Smith example is what I always go to: in 2023 the Will Smith eating pasta videos were so obviously fake, but fast-forward to 2025 and it's now almost indistinguishable from reality. All AI products are like that as they improve with time and data. Microsoft is one of the ONLY companies that can challenge Google and Gemini in the AI race. * They are one of the only companies who can achieve some level distribution parity with Google because they have Windows (which has 1.5B+ devices) * Copilot is default on Windows and we know the power of default because that's literally the only reason Bing/Edge even have users * They have a platform moat on all the data emitted by Windows/Bing/Edge/Xbox/LinkedIn/Office etc users. Having proprietary user data not available to competition will help in improving the models at a hyper-personalized, individual level later on * They have the enterprise and B2B crowd locked in. This is their real moat as businesses can purchase Copilot as it naturally is integrated into Office ecosystems and CEOs are paranoid about employees uploading sensitive information on non-compliant/external AI tools like ChatGPT * They are vertically integrated with AI which will help with their unit economics later on - mostly due to having Azure * And as I said, yes, Copilot sucks now but it won't always suck in the future. Remember Bard with Google? Google stock price is almost 2x since back then