Microsoft
MSFTmodels· NASDAQMicrosoft, AI distribution: Azure cloud, the OpenAI partnership, and Copilot woven across Windows, Office, and GitHub.
Why it matters
Microsoft turns frontier-model access into enterprise revenue through the channels businesses already buy (Azure, Office, developer tools), while hedging with its own models and Maia silicon.
The read
Levered to Whether Copilot attach and Azure AI consumption convert frontier-model access into durable per-seat and usage revenue.
Bull case: Distribution beats model ownership for value capture: Microsoft monetizes intelligence through seats and Azure consumption and can swap the model underneath as economics shift.