$Microsoft(MSFT.US) Key catalysts for the next few quarters:

Azure new capacity release

＋ Microsoft 365 price increases gradually entering renewal phase

＋ Cowork first full-charge implementation

＋ Commercialization of Security Copilot and Defender/Purview

＋ Continued expansion of Copilot seats

＋ Decrease in cost base after layoffs

－ Depreciation, leasing, and AI inference costs for new data centers

The significant increase in leasing may cause a jump in capital expenditures, while also enabling faster deployment and revenue recognition, leading to better marginal ROI at the expense of some gross margin.