Nadella reinvents Microsoft again for the AI token economy

CNBC examines Microsoft's position in the AI era: with a market cap near $4 trillion, the company still lacks a breakout hit at the model or application layer, trailing Nvidia, OpenAI, Anthropic and Google. Nadella has acknowledged the need to shift the business model again, toward selling tokens and consumption-based pricing. Microsoft shares are up just 7% this year, lagging the Nasdaq.

• Microsoft's market cap is near $4 trillion, but the stock is up only 7% this year
• Nadella said the business model must shift toward token consumption
• GitHub Copilot reached 50 million users, up from 26 million last October
• GitHub Copilot sales growth accelerated 60% from the prior quarter