How did Microsoft get to $2.5 trillion?

$Microsoft (MSFT.US)$ 's market value skyrocketed under Satya Nadella for three reasons. First, it expanded its Azure cloud infrastructure platform while converting its desktop-based applications into subscription-based cloud services. Second, it ditched Windows Phone and launched iOS and Android versions of its productivity software.
Lastly, Microsoft continued to expand its ecosystem through its acquisitions of Mojang, LinkedIn, GitHub, Affirmed Networks, Zenimax Media, and Nuance Communications. It also agreed to buy the gaming giant Activision Blizzard last January, but that massive deal still needs to clear a lot of regulatory hurdles.
Between fiscal 2014 and fiscal 2022, which ended last July, Microsoft's total revenue grew at a compound annual growth rate (CAGR) of 11% from $86.8 billion to $198.3 billion. Its earnings per share (EPS) rose at an even higher CAGR of 18%.
Microsoft's cloud-based expansion initially compressed its margins, but economies of scale kicked in as Azure secured its spot as the world's second-largest cloud infrastructure platform after $Amazon (AMZN.US)$ Web Services (AWS). According to Canalys, Azure held 23% of the global cloud infrastructure market at the end of calendar 2022, compared AWS' 32% share and a 10% share for Alphabet's Google Cloud Platform (GCP).