Quick ReadMicrosoft trades at a forward P/E of 20, down 25% over the past year, while its AI business hit a $37 billion annual run rate. Microsoft's $627 billion in contracted obligations, with 25% recognized as revenue in the next year, counters the surging capex bear case. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Microsoft didn't make the cut. 24/7 Wall St.Azure grew 40% last quarter, Microsoft's AI business reached a $37 billion annual revenue run rate, and commercial remaining performance obligations nearly doubled to $627 billion. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Microsoft didn't make the cut.