Daily Recap: DT, MSFT, D/NEE, BIO, JRVR, RAMP/PUB, NVAX

研报英文原文证据摘录

Daily Recap: DT, MSFT, D/NEE, BIO, JRVR, RAMP/PUB, NVAX

Microsoft Corp. (MSFT - $421.92)

Activist Pershing Square Discloses New Core Position; Ackman Cites Compelling Valuation at ~21x

Forward Earnings. Bill Ackman disclosed via social media ahead of Pershing Square's 13F filing

that the fund has established a new core position in MSFT, with Pershing Square USA (PSUS) also

adding MSFT as a core holding. Ackman stated the position was built beginning in February 2026

following MSFT's share price decline after fiscal 2Q'26 results, acquiring shares at ~21x forward

earnings (in line with the S&P 500 multiple and below MSFT's historical trading average). Ackman's

thesis centers on M365's entrenched enterprise distribution (~450M daily users) and Azure's +39%

constant currency revenue growth, while noting the headline multiple does not reflect MSFT's

~27% economic interest in OpenAI (~$200B, or ~7% of market cap at last funding round). Ackman

acknowledged investor concerns around M365's competitive positioning versus AI lab offerings

(specifically naming Anthropic's Claude Cowork) and Azure growth durability, but argued both are

misplaced given M365's bundle economics (~$20/user/month ARPU), the shift to hybrid seat plus

consumption pricing, and Azure's multi-model enterprise strategy (~10k customers using multiple

models on Azure Foundry). MSFT's CY'26 capex budget was noted at ~$190B, with ~two-thirds

allocated to servers/networking tied to near-term revenue. (Press Release)

TRADING VIEW: The explicit mention of Anthropic's Claude Cowork as a competitive threat to M365

is notable and worth monitoring as an emerging narrative risk for the broader enterprise software

complex. We expect MSFT to trade well near term on the Ackman endorsement; Pershing Square's