"Microsoft as an entity no longer has any real direction, and no conviction, and crucially, no willingness to actually compete. Microsoft represents the apex of late-stage capitalism, where failure is rewarded, and the ability to shift capital rapidly voids the necessity to deliver for consumers and society in general.
I think you could make that the same by simply removing the term "late stage". The hint is in the words used: it's
capitalism. It's always been about the deployment of capital!
Microsoft is indeed in large part an investor, not just a traditional maker of things. But we have to consider what it is to be an investor. Microsoft can suck up a dozen failures as long as it gets one big hit. Your average venture capitalist backs far more failures than successes, they just need a small proportion to be big hits and they'll make more than they lose. One could look at record companies, or book publishers: in either industry, over 90% of the artists/authors they back either lose money or make chump change. It's the JK Rowlings and Taylor Swifts that make all the money.
Microsoft is basically three products: Windows OS, Office software, and Azure (its cloud services division). They ain't sexy, but they pay the bills and then some. Microsoft in large part I think spends on all sorts of other things because they are
trendy. And trendy matters. Investors hate companies that they perceive aren't trendy. All that shit Apple is getting now? That's down to one fact: it's perceived to be lagging on AI. And investors are mad for AI. So Apple's share price is lagging just for that, and it's being mocked and derided. It's a massively successful company making a fortune every year,
but that's not enough!
And so yeah, these behemoths chuck a load of money at stuff they aren't necessarily that interested in, and they do it as "me too" latecomers. But they need to, and there's also the chance that on the odd one, they'll win big anyway.