Today, I shared my annual letter to shareholders, which is linked below.

Marvelous! Agent Mode is a quiet paradigm shift: from ‘assist me’ to ‘orchestrate for me’ with accountability in the loop.

There is no doubt about it, AI stocks have definitely helped pension investors to grow an otherwise sterile 401 (k) These pensioners really depend on these companies not to go bust. And yet, daily, we hear that valuations are up there with the pre-banking crash and the Great Depression. I have to say it is the most #scarysmart time in Human history, and folks are trying to hang onto the surf 🏄♀️ board as they ride the Tsunami of change. Those are some eye 👁 watering numbers for sure, Satya Nadella

Amazing milestone. Microsoft continues to show how adapting to technological shifts like AI keeps a company relevant for decades.

Reflecting on 50 years of innovation, Microsoft continues to lead the way in navigating generational shifts in technology. AI’s impact on the tech stack is undeniable, and it’s exciting to witness how Microsoft is adapting, not just by keeping pace but driving change. As AI continues to reshape industries, the future is one of agility, adaptability, and vision. Microsoft’s approach, thinking in decades while executing in quarters, sets a benchmark for how organizations can strategically balance long-term goals with immediate actions. It’s inspiring to see this kind of forward-thinking leadership in action.

It's inspiring to see Microsoft embracing the changes brought by AI and continuously evolving with the technology landscape. Looking forward to what the future holds for the company.

I am proud to be a small part in the story you tell. For me, the diversity and inclusion component of our culture is our super-power... especially now. We are building products for the entire world and to truly succeed we must include everyone in the process. Even though you may not see here "diversity and inclusion" called out explicitly like it has been in past shareholder letters, it's still there and still something I love about being a Microsoft shareholder. ❤️ 💚 💙 💛

Incredible legacy and continued reinvention 🚀— few companies navigate paradigm shifts this well. That said, as AI becomes central to the stack, the real challenge isn’t just innovation, it’s responsibility at scale. Reinvention is impressive; responsible leadership will define the next 50 years.