[sgjohnson]

Not really. OEMs pay significantly less for Windows licenses than they are retailed for.

And Windows sales to consumers haven't been a core part of their business for a while now. It's all about cloud and enterprise.

[oofbey]

Just looked at the earnings report and I have to agree with you. Windows + Office was 25% of MS's revenue in 2021, but I suspect you're right that the big majority of that is not consumer-driven. FWIW just 2 years back, Windows + Office was 40% of revenue, so this segment is very rapidly becoming less important.