I think if, 10 years ago, you spun Microsoft into several different companies with everything playing out exactly as it has today in the product management side, the most direct consumer-facing sections like Windows Desktop and Xbox would have cratered and most analysts would say that they have bleak futures, while Azure and 365 would have grossly overperformed and would have been titans.

MS has been successful despite fucking up the monolithic position they held in desktop and gaming, because they managed to find a particularly valuable golden goose. It's just that in doing so they allowed the other golden geese they have to become quite sick.

If you took out cloud rev MS would have been much more motivated to not let the rest of the company's products turn in to the sorry state they're in.