Microsoft Stock Discussion

The types of customers have changed, the bargaining power has shifted, and as a result, the profitability has also changed.
Going back to 2016, the company's largest customer was IBM, accounting for 7.8% of its revenue; last year, the largest customer was Amazon, representing 10% of its revenue. As a data center Real Estate Investment Trust (REIT), there are primarily two types of customers—the first type being the co-locati...

Summary
The overall average valuation of US stocks is still normal, but the stock differentiation is particularly serious. A few weighted stocks have been soaring. How do you view this phenomenon?
In addition, there are three major problems with US stocks: 1) The market value of the top stocks is too large and the growth space is limited. 2) The market expected volatility has been low. 3) The scale of derivatives is huge.
Analysis of ma...