Did you also go against the market this year and buy Microsoft $MSFT around $380? At those prices, I considered it an undervalued quality stock.

I built a very solid position already in March and I'm holding the stock with no plans to sell in the near future. The results and growth over the past weeks showed, in my view, that the market was quite wrong about this company and the stock suffered from sector-wide sell-offs.

But once investors looked at the plans and the clear goal of Microsoft $MSFT, which by the way still delivers very solid growth numbers, especially in cloud, the stock could move higher.

Overall, I like how the company communicates that huge capex; it's really massive, but still behind $AMZN and $GOOG — those have an upper limit even above $200 billion.

Microsoft found an accounting shortcut to even reduce capex without investing a single dollar less. They will simply depreciate new capacities over a longer period. Not bad, not terrible.

In my view, the company still has significant potential ahead in the coming years, and even though now, if we take declining cash flow due to that capex (Capital Expenditures), higher P/E and other metrics may make it seem a bit more expensive, it's a company I'd pay that premium for. However, I don't plan to buy at current prices.