---
title: "Relationships matter: Microsoft has 3 that keep me loading up"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/293508266.md"
description: "An investment analyst highlights three unique Microsoft relationships driving continued buying: a royalty-free OpenAI IP license, co-developed AMD Helios infrastructure, and strong Copilot+ PC enterprise adoption. Despite recent stock declines, the author cites robust financials, including $37B annualized AI revenue and a $627B backlog, as evidence of value. While acknowledging high capital expenditure risks, the analyst maintains a bullish stance based on these strategic moats and strong cash flow."
datetime: "2026-07-22T18:25:48.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/293508266.md)
  - [en](https://longbridge.com/en/news/293508266.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/293508266.md)
generator: "portal-rs"
---

# Relationships matter: Microsoft has 3 that keep me loading up

Quick ReadMSFT trades at a forward P/E of 20 while its AI business runs at a $37B annualized rate, up 123% year over year.Unlike AMZN or GOOGL, MSFT holds a royalty-free frontier AI model license through 2032 and co-develops rack-scale AI hardware with AMD.Q3 CapEx hit $31B, up 84%, but operating cash flow surged 26% to $47B that same quarter, cush...

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**