$Microsoft(MSFT.US) Added a little more position below 385, slowly bringing down the average cost.

Regarding current negatives:

1. AI impact on SaaS, Microsoft productivity tools pricing pressure, unable to verify the extent of impact. If companies consider self-developed software/ AI agents to replace manpower and reduce seats, then the demand for Azure and Copilot will increase, partially offsetting the SaaS impact;

2. Regarding the narrative of AI replacing intermediaries/human labor, even if it happens, ordinary people/consumers/small businesses will only gain small benefits, while AI becomes the sales channel entry/production service provider, and the AI industry chain will take most of the profits.

(Look at the US pharmaceutical wholesale channels and final drug prices to know, capital invested is meant to be earned back.)

Microsoft's core focus points:

1 Cloud business: Whether Azure's growth rate can be maintained and whether the long-term revenue of the cloud business can cover the high capital expenditure costs of data centers;

2 From a SaaS perspective, since Microsoft has a monopolistic advantage in product distribution channels, it has multiple chances to turn things around relying on its existing Office customer base. It depends on whether it can leverage its position with AI to devour the business of other SaaS competitors (refer to IE, Teams, etc.).

Control the total position, hold moderately to buy an opportunity. Whether it's an unjustified sell-off or a real decline can only be left to time to verify.