Organization: "Artificial intelligence is both helping and harming Microsoft"

Melius Research downgraded Microsoft's stock rating to "Hold," stating that "Satya has missed the narrative lead in artificial intelligence." The brokerage pointed out that the progress of Microsoft 365 version Copilot is too slow, and its current "seat-based pricing" model is vulnerable to the impact of intelligent agent technology. Melius Research Company stated: "We increasingly believe that the 'extra fee for artificial intelligence' model is unsustainable - Copilot will eventually need to be given away for free, which will increase the company's long-term costs."