I have never been a fan of Microsoft from a valuation standpoint. I have always much preferred Alphabet due to discounted valuations and similar cloud based growth. I'm also even more leery now in regards to Microsoft due to its extensive investments into OpenAI with DeepSeek coming around.
I do believe that Microsoft is a solid company, but I still view Alphabet as the more attractive option here for the long-term. Microsoft has struggled a bit operationally over the last 12 months or so. Combine this with a relatively high valuation and you have 1%~ returns over the last year while Alphabet has returned 35%.
Great company, just a bit too rich on the valuation front for me.