Melius Research has downgraded Microsoft's stock rating to "Hold," stating that "Satya has lost control of the AI narrative." The brokerage noted that the rollout of Microsoft 365 Copilot is progressing too slowly, and its current "per-seat pricing" model is vulnerable to disruption from intelligent agent technology. Melius Research added, "We increasingly believe the 'pay extra for AI' model is unsustainable—Copilot will ultimately need to be offered for free, which will raise the company's long-term costs."