Nadella's focused on the stars but Khan could bring it down

Microsoft’s earning call on Tuesday is an update on a $2 trillion market, by a $3 trillion company, operating on an untested technology, in a legal vacuum...

The most fascinating of the Big Tech earnings announcements will be Microsoft tomorrow.

It’s had a stellar decade under Satya Nadella’s leadership, and he’s piloted his OpenAI-fuelled rocketship to the stars.

His 10-year-mission has explored strange new technologies; sought out new revenues and new models; and boldly taken Microsoft to $3 trillion, where it has never gone before.

Now Microsoft must lead from the front. Will Nadella turn out to be Kirk, or Decker? Is Altman his Spock? And what about Khan? We’re about to get some clues.

So far Nadella’s leadership, strategy and execution have seen Microsoft successfully integrate ChatGPT into its products, and introduce a (frankly lovely) $20 price point.

I predicted last July that Microsoft would leapfrog Apple as the world’s most valuable company, and it achieved that milestone a few weeks ago. Its stock leapt 57% in 2023.

The last earnings call was a masterclass in stroking the markets. Nadella picked his moment beautifully to report rev…