Future earnings are difficult to predict, so they factor in the warm fuzzy things that the CEO talks about, and how much 'confidence' they have in them. Also -

Future earnings are difficult to predict, so they factor in the warm fuzzy things that the CEO talks about, and how much 'confidence' they have in them. Also - times change. In the 2000's people just thought MS was 'old'. Now they are realizing there's some life in the beast. Satya deserves a lot of credit, nothing bad to say - but in hindsight it also seems as if MSFT was under priced.