In theory, the market should be pricing in based on future potential. As it has become increasingly clear this past decade, the market is not rational.

Sure, but how much of that had to do with the design and implementation of Windows? You know, the OS that runs half of the modern economy. Microsoft is just milking it without a coherent vision.

Maybe financially MS is successful but at the cost of flagship product becoming adware and people fleeing slowly away

In a bubble, everyone looks like they’re doing well. Don’t confuse that with an actual strategy.

If your only metric is stock price, yes. That’s the value proposition of enshittification.

Stock price going up is not the success criterion for a business. Making money is. And Microsoft's decisions are undermining their ability to make money in the future, which makes them bad decisions even if the stock price has gone up or if they make more money in the short term.