Veteran value investors are beginning to embrace Azure and Copilot, as the cash flow story of enterprise AI is more robust than expected.

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Pansing Square liquidates Alphabet holdings while establishing a position in Microsoft.
AIMPACT states that Ackman's Pershing Square increased its holdings after Microsoft's stock price declined and had already liquidated Alphabet in Q2. Ackman believes Microsoft's valuation is attractive and that its growth is driven by enterprise AI applications such as Azure Cloud, M365, and Copilot.
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