Fortune: Microsoft 'Lost Its Way' in AI — Copilot at Just 4.5% M365 Penetration, Stock Down 34%

Fortune·high signal

Fortune's May 21 deep-dive reveals Microsoft Copilot has reached only 20 million paying M365 users out of 450 million total (<4.5% penetration), with ~20M weekly active consumer users vastly trailing ChatGPT's 900 million. Microsoft stock dropped 34% from October 2025 through March 2026. The company is restructuring under a unified Copilot leadership team and going model-agnostic with a $5B Anthropic investment alongside its $13B+ OpenAI stake.