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$MSFT Is now up 10% in the pre-market. Its earnings report might have triggered the inflection point in the AI trade, with many related stocks rising the moment the CFO noted Microsoft will be FCF positive next year. Microsoft doesn't have the best AI product, but copilot now has 30m paid seats and the product keeps improving. This is the classic "Not good, but good enough" approach they're known for. I'm not sure any of the other hyperscalers could thrive on that approach, but at the very least it gives another model beyond accelerating Capital expenditures to the point that free cash flow becomes lost before ROE has become projectable. #DailyOrbit