October 7, 2026 09:55 PM GMT Microsoft | North America Battle of the AI Stack: Built for a Multi-Model World A multi-model AI world plays to MSFT's full-stack strengths across Azure, Fabric, Foundry, and Copilot, w/ expanding monetization opportunities across the stack and Maia + Cobalt adding further differentiation over time. We come away incrementally more positive on MSFT as a key AI winner. Remain OW. Key Takeaways AI World Is Becoming Multi-Model… And That's Good for Microsoft. On the back of our rece ...