It does feel like without a compelling AI product Microsoft isn't super differentiated. Maybe Satya is right that scale is a differentiation, but I don't think people are as trapped in an AI ecosystem as they were in Azure.
Satya mentioned recently that computer use agents use like 5x the windows license time on azure over a single person - they see a lotttt of inference growth coming and its multiplicative in that it uses their compute and azure infra.