MS valuation to some extent is basis their ability to sell more Azure. Cloud is still growing very very fast. It is also noteworthy that MS is getting good gro

MS valuation to some extent is basis their ability to sell more Azure. Cloud is still growing very very fast. It is also noteworthy that MS is getting good growth in Windows license revenues too as they have opened up a subscription model, lot piracy in the consumer/SMB markets have reduced especially in developing economies. They are not getting billion new users, but a lot of newly paying users with consistent recurring subscription revenue stream they are now generating .