Microsoft stock is near a 2019 low on price-to-cash flow, with RBC Capital reiterating an Outperform rating and $640 target. The company settled Activision Blizzard shareholder litigation for $250 million and restructured its OpenAI partnership, ending exclusivity but retaining key cloud/IP rights. Despite solid fundamentals, the stock is down 1.4% monthly. Bill Ackman is loading up, while the Gates Foundation sold all its shares.