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Tech & Innovation·September 21, 2026·1 min read

This is the ‘most underappreciated’ driver for Microsoft’s business, according to one analyst

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If analysts think Microsoft’s software revenue is the underappreciated growth engine, the story is less about flashy AI and more about upsell and price realization across the existing base. SaaS operators should assume investors will increasingly reward durable seat expansion and ARPU, not just AI attach narratives.