MICROSOFT (+) : 10 questions ahead of New York NDR, and SpaceX read across

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MICROSOFT (+) : 10 questions ahead of New York NDR, and SpaceX read across

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10 questions ahead of New York NDR, and SpaceX read across

We are hosting Microsoft for investor meetings on June 10 in NYC. Ahead of this event, we outline9 JUNE 2026

Securities Research Report 10 questions that we think encapsulate the current investor debate. We also provide our thoughts on

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recent SpaceX disclosures and look at key announcements following last week’s Build conference.

Research Analysts & Publishing Entities

Stefan Slowinski 10 key questions for Microsoft that tackle the core investor debate

BNP Paribas London Branch In our view, the key debates currently span Copilot adoption and monetization, demand for GPU

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stefan.slowinski@uk.bnpparibas.com compute, and the economics of agentic workloads (particularly at the application layer). Moreover,

we also expect greater scrutiny around Microsoft’s AI infrastructure buildout as the hyperscalers’ AI

Daniel Wang

BNP Paribas Securities Corp1 ambitions appear to now be outpacing their operating cash flow generation, bringing into focus how

+1 646 785 3326 future capacity additions may ultimately be funded beyond cash flow (and even corporate debt).

daniel.wang@us.bnpparibas.com Additionally, recent datapoints including SpaceX’s AI cloud disclosures (Alphabet and Anthropic) as

Keeler Patton well as Alphabet’s equity financing may suggest that the revenue opportunity associated with AI

BNP Paribas Securities Corp1 infrastructure is larger than investors previously appreciated (but so too may be the capex required

(+1) 646 342 6138 to pursue that opportunity).