$Microsoft(MSFT.US)

Context: MSFT is one of the companies I’m quite comfortable holding long term. I like the combination of its established software ecosystem, cloud business and growing AI opportunity. The main question for me is whether the huge AI investment will translate into sustainable earnings and cash flow growth.

My trade: I bought in two batches this year, including adding during the June weakness. I’m happy with the recovery since then but I’m not looking to chase the price higher.

Takeaway: This is the kind of position I’m comfortable giving time to compound. Short-term pullbacks don’t bother me as much when I continue to believe the underlying business is getting stronger. For me, the bigger thing to watch is whether AI monetisation eventually justifies the scale of spending.