Microsoft (NASDAQ: MSFT) has seen its stock price drop approximately 17% so far in 2023, contrasting sharply against the S&P 500’s increase of around 7%. Despite this downturn, the company’s core AI business is flourishing, with Azure’s revenue climbing 40% year-over-year and its AI revenue growing by 123%, leading to an annual run rate of $37 billion.
Microsoft’s current valuation, particularly measured by cash from operations, reflects its lowest pricing since 2019. Compared to tech giants like Amazon, Alphabet, and Apple, Microsoft’s valuation remains relatively lower, suggesting potential for recovery as the market adjusts.
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