Microsoft (MSFT) stock has dropped almost 23% year to date, with the SPDR S&P 500 index (SPY) also down about 3.75%. The company's reliance on OpenAI, which provides 45% of its commercial revenue balance, contributed to the crash. Bank of America analyst Tal Liani and his team reinstated their coverage of Microsoft stock and provided their opinions on key issues such as the company's AI backlog and the future of its partnership with OpenAI. Liani also noted that as Fairwater data center and other AI infrastructure build-outs materialize, he expects the conversion of remaining performance obligations to accelerate and for Azure to maintain leadership. However, near-term FCF margins will remain under pressure due to elevated capex.