[Morgan Stanley: Microsoft reshapes its business structure for the AI era and reiterates its "overweight" rating] On September 6, Morgan Stanley issued a research report stating that Microsoft announced a broad adjustment to its external reporting structure effective in FY27, merging the three historical operating segments of Productivity and Business Processes, Intelligent Cloud, and More Personal Computing into "Agents and Infra" (intelligents and infrastructure) and "Devices and Infrastructure". The two new divisions "Consumer" (Device and Consumer) are designed to align with the increasingly integrated cloud + AI internal management approach. The bank believes that this adjustment is mainly an accounting reclassification and does not change the underlying economics; the changes in Azure and Microsoft 365 calibers are mechanical adjustments, and the judgment that 1H27 Azure will accelerate relative to 2H26 and FY27 Microsoft 365 commercial cloud growth will remain unchanged. Morgan Stanley reiterated its "overweight" rating with a target price of $600.