1605 ET - As artificial-intelligence agents become an increasingly widespread enterprise tool, Microsoft may be missing its window to capitalize on the shift, Melius analysts write in a note. The company's thesis is that AI agents will buy Microsoft seats en masse, and that its Fabric data analytics platform gives it an additional moat. But the notion that Microsoft would be the AI gateway of choice is slipping as customers turn to tools like OpenClaw or derivatives like Nvidia's NemoClaw, the analysts write. "Microsoft in reality is still a seat-first SaaS company," they write. "Microsoft may end up a credible reseller of frontier models, but customers may soon demand commodity margins for this service, not the toll booth margins of today - and it is hard to believe that customers will like their agents being charged a full seat for access to 365." (elias.schisgall@wsj.com)

(END) Dow Jones Newswires

March 23, 2026 16:05 ET (20:05 GMT)

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