To the Editor: As a longtime -- and happy -- Microsoft shareholder, I appreciated Adam Levine's cover story (" Microsoft Stock Hasn't Been This Cheap in a Decade. It's Time to Buy," March 12). Following the period from 2024 to 2025, when trading in the tech sector felt like it was influenced by a flavor-of-the-week phenomenon where anything artificial intelligence was a tailwind, the rubber is now meeting the road, and large amounts of money are being spent by tech companies to increase capacity. Now it feels like anything AI hasn't become so much a headwind as a question for investors: "What will the return be on the money being spent?"

Levine points out that AI won't take over software so much as work with it. However the landscape settles, it seems that Microsoft is well positioned to benefit from AI. Though it has made investors nervous, why can't a company generating revenue projected to be well over $300 billion for its current fiscal year and earnings of over $100 billion spend $80 billion to $100 billion over a period to increase capacity for clients it already has?

Gregory J. Bavedas Shelton, Conn.

Guy Spier's Positivity

To the Editor: Thanks to Andy Serwer for sharing Guy Spier's story (" After a Grim Diagnosis, a Value Manager Reflects on Life's Lessons," Up & Down Wall Street, March 12). The takeaway here is that there is more to life than money and that it behooves all of us to seek out and maximize the really important aspects of life that are so often taken for granted: our health, our families, and the satisfaction we can get by helping others.

Spier's example of positivity in the face of certain doom should be a clarion call to us all.

Bill Gottdenker Mountainside, N.J.

Time for Renewables

To the Editor: Regarding " Iran Wants to Keep the Strait of Hormuz Closed. Military Experts Say Reopening It Could Take Weeks" (March 11), perhaps there will be a day when we produce the vast majority of our energy from renewable sources. Cheaper, completely sustainable, better for our health and the environment, and not subject to geopolitics.

Christopher Molloy On Barrons.com

The U.S. Ponzi Scheme

To the Editor: Reading about Charles Ponzi got me thinking about who has run the biggest Ponzi scheme of them all (" Wall Street Has Fended Off Scoundrels Since Its Early Days," America's 250, March 1). The answer, of course, is the U.S. government. An ever-expanding debt can only be managed by bringing in more and more investors. At some point, we may not be able to do that, and bondholders aren't going to fare well.

Gene Sweet Chicago

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March 20, 2026 19:30 ET (23:30 GMT)

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