Opened a position in Microsoft, for the following reasons:

1. At the current price, it's really hard to imagine where it could fall further. The 2025 price was hammered out by Trump, and even if it falls back to that level now, it's only about a 15% drop. Of course, if it can fall to 340, it can fall to 300. That's a matter of position sizing and expectation management, which at least isn't visible now.

2. The talk about software/SaaS doomsday has had an impact on it (note: it's the talk that's impacting it). Although a large part of Microsoft's business is B2B, I think this is just a classic double standard phenomenon (rising: AI empowerment, falling: AI backlash). AI definitely has the potential to create disruptive impacts in any industry or field, but it's not time yet.

3. The issue of capital expenditure. If it doesn't generate asset expenditure, people say it's not trying hard enough; if it does generate capital expenditure, people say it's not earning enough. Generating significant capital expenditure is a problem facing the entire information technology/tech industry right now. If you want the horse to run fast and long, you must first let the horse eat grass and eat its fill.

There are also shortcomings:

1. It hasn't reached the point of being ignored yet 🤨

2. Controversy remains high, managing expectations is important 🤔

$Microsoft(MSFT.US)$Invesco QQQ Trust(QQQ.US)$SPDR S&P 500(SPY.US)