Second, Microsoft embraced a world where Windows was one client amongst many, and targeted its services to iPhone, Android, Linux, and Mac. First, Microsoft’s leadership accepted that its nature was that of a horizontal company, not a highly differentiated vertical one built around Windows. The critical breakthrough was three-fold, and, as is so often the case, the three breakthroughs were really about the same existential question - whither Windows: It is a remarkable turnaround, and, thanks to the fact that I started Stratechery just months before the exit of former CEO Steve Ballmer, it is one that I have been able to document stage-by-stage. 
company, after Apple and Amazon, to achieve a market capitalization of over $1 trillion, and is currently the most valuable publicly-listed company in the world. It is difficult to discuss enterprise software without at least mentioning Microsoft, and there is no better time than now: last week the company (briefly) became the third U.S.
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