Alpine Capital (Pty) Ltd on Microsoft Corporation

Alpine increased Microsoft to an overweight position following weakness in the hyperscaler group. The manager believes a distinct application layer is likely to develop between large language models and commercial end users because businesses require intellectual-property protection, security and enterprise-grade controls. Microsoft's distribution strength and entrenched customer relationships position it to own or become a central part of that layer. With large technology companies having grown into their valuations, Alpine is comfortable holding Microsoft as a core position at the prevailing valuation.