“Like in every platform shift, all software is being rewritten. A new app platform is born. You can think of agents as the new Apps.”
Layer 3: High Value Agentic Experiences
“Macro delegation and micro steering”
| Product | Metric | Growth |
|---|---|---|
| M365 Copilot | 15M seats | 10X DAU YoY |
| GitHub Copilot | 4.7M subs | +75% YoY |
| Security Copilot | 1.6M | +160% seat adds |
| Dragon Copilot | 21M | +75% GitHub YoY |
Layer 2: Agent Platform
“Model catalog, tuning, orchestration, context engineering, safety”
- Azure AI Foundry: 11K+ models (+80% API usage)
- Microsoft Fabric: $2B+ ARR (+60% YoY)
- Copilot Studio: 80% F500 users
- Agent 365: Cross-cloud control plane
250+ AI tokens processed in the platform.
Layer 1: Cloud & Token Factory
“Key metric: tokens per watt per dollar”
- Maia 200: Custom silicon launched
- Cobalt 200: +50% performance vs Gen 1
- Datacenters: 400+ (+1GW capacity this quarter)
- Regions: 70 total
Work IQ: The Crown Jewel
“The most important database for any company that uses Microsoft today is the data underneath Microsoft 365. It has all this tacit information: Who are your people? What are the relationships? What are their artifacts, communications?”
— Satya Nadella
Strategic Implication
Each layer feeds the next: Infrastructure → Platform → Applications
Integration is the moat.
This is part of a comprehensive analysis. Read the full analysis on The Business Engineer.









