“Round one winners from new tech demand like data centers, hyperscalers, and chip makers are well-owned already. Further investments in those beneficiaries should be made contingent on a realistic path to expand the power supply. In other words, the big new digital darlings can still win, but the ruddy old real world may have to win first.”

 “Growth should accelerate in 2H24 and then will see easy compares into 2025, while margins can expand, and there is room for capital deployment... We would take advantage of the pullback and remain Buy rated on the stock.”

 “The company is well positioned to capture share of Gen-AI revenue via its broad suite of AI services and productivity-centric focus in an efficient manner that leverages the playbook from its Azure build out... We believe Microsoft is one of the most compelling investment opportunities in the technology industry and across sectors.”

 “Countries like Singapore and Malaysia are largely neutral to the geopolitical tensions happening with China, US, Ukraine and Russia. Especially with the ongoing wars, this region has become more attractive.”

 “Monthly, non-mobile, video-game subscription spending in the US 'has been flat to low single-digit growth' since the middle of 2021... Game Pass spending really had its big growth period in late 2019 through early 2021 and has since settled.”