Summary

This week, Satya Nadella kicked off Microsoft’s annual Build developer’s conference with typical boasts about new products and a sunny view of AI. The focus of his speech was how Microsoft was going gaga for agentic AI. But there was a cloud over the gathering at San Francisco’s Fort Mason, and I’m not talking about Azure . While the valuations and prices of its competitors have soared, Microsoft’s stock has been down this year.

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