Aside from Office/Teams, a lot of their SaaS apps are more or less replaceable by AI generated code within a few days. Chances are that also comes with fewer bugs and it at least 10x as performant (not an exaggeration, the MS cloud is extremely slow).

Their other more complex software like SharePoint or the power platform will be replaced by other solutions in my opinion. I had to adapt a Power Automate flow yesterday. It is just painful. And buggy as well, even integration with their own services.

That with Microsoft long since have abandoned the strategy to ask what the customer want instead of their latest business model, I think MS will have to rely on their enterprise IT customers.