Microsoft (MSFT)

CPU infrastructure is the sleeper story as AI workloads require massive compute beyond GPUs - every agent spawns containers needing CPU/storage, driving Cobalt 200 demand. The market obsesses over 45% OpenAI concentration while missing that the remaining $350B diversified RPO is growing 28% and 'larger than most peers.' The binding constraint is worsening: capacity shortage language hardened from expansion promises to explicit balancing through fiscal year-end. 'We will need to continue to balance the incoming supply we can allocate' - demand is outrunning their ability to build. My view changes if they quantify the revenue impact of capacity constraints or announce major data center partnerships to accelerate deployment.