Which “peers” did Microsoft have during most of the Balmer area? Apple was “beleaguered” during the early years.

Azure is only successful by selling into the enterprise based on relationships built during the Balmer era.

Microsoft Office is their other cash cow that was nurtured during the Balmer area and Windows is still a money maker.

The one big accomplishment that Nadela did was “Office everywhere”. But the iOS port was already in full swing when Balmer was CEO.