Microsoft

Microsoft has quietly become one of the most important companies in artificial intelligence, on top of a software empire it has run for half a century. Its foundations are Windows and Office, still installed on most of the world's computers, but the growth now comes from Azure, the cloud platform that competes with Amazon for the business of hosting the internet, and from a deep partnership with OpenAI that put AI features into its products and gave it a stake in the field's leading lab. It also owns LinkedIn and, after buying Activision Blizzard, a large slice of the video-game industry. Bill Gates and Paul Allen founded it in 1975, and it operates from Redmond, Washington. The bull case rests on enterprises paying up for cloud and AI; the bear case is the vast capital spending those AI ambitions require and whether the returns will justify it.

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