Loop Capital cheers opportunities with Azure, Copilot in establishing bullish rating
After eating up seemingly anything to do with artificial intelligence earlier this year, Wall Street has cooled its fervor, as investors have come to realize that it will take time for most companies to see material financial benefits from the technology.
Microsoft is “niquely positioned to benefit from both ‘buy’ and ‘build’ approaches to adoption,” Kim wrote.The company’s Azure cloud-computing business “is currently benefiting from its OpenAI Services offerings that those who are using the ‘build’ approach to GenAI technology,” he noted, adding that AI-related workloads will continue to help the Azure business.
“We expect M365 Copilot adoption to be strong based on positive feedback from global system integrators who expect most large organizations to adopt a ‘buy’ approach to GenAI,” Kim wrote. The product can deliver a “strong incremental tailwind” to Microsoft’s Office business, but that could take some time, in his view — “much of the meaningful impact likely be in FY25.”
Kim said he sees other reasons to cheer Microsoft’s stock as well. For one, he said he sees signs that customers’ cloud “optimization” efforts are starting to wane, which could be another benefit for the Azure business.
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