Overview

• European Commission acceptance makes Microsoft’s commitments on Teams unbundling legally enforceable within the EU.
• Microsoft will sell M365 and Office 365 without Teams at reduced prices and let long‑term license holders switch to no‑Teams suites.
• The deal mandates interoperability with competing collaboration apps and allows customers to move Teams data to other platforms.
• Truist reaffirmed a Buy rating with a $675 target, citing the revised OpenAI partnership, while Morgan Stanley kept Overweight and highlighted the dividend increase to $0.91, over $55 billion in buyback capacity, more than $90 billion in cash, and expected fiscal 2026 free cash flow above $70 billion.
• Analyst commentary pointed to a reported $17.4 billion Nebius infrastructure agreement that secures AI capacity, and Jim Cramer flagged Azure as a beneficiary of robust data center demand.