I guess it depends on what you consider relevant. If being relevant is to continue to exist as a large company then yes Microsoft is relevant, as is IBM, Oracle or SAP. If being relevant means to shape the future of tech then I think the jury is still out.
Microsoft certainly has potential. Their AI research and offerings are right up there next to Google's. Combining AI with SQL and Office could enable some real productivity advances. Microsoft is also top notch at PC gaming, a significant consumer niche.
But I think Microsoft also has one rather big problem that is currently masked by their Azure growth rates. That problem is Windows. I think Windows may be in permanent decline.
I know this sounds far fetched given the seemingly unassailable dominance of Windows on corporate desktops. It's indispensible for a very wide array of tasks right now. No need to reiterate all of them.
But Windows has largely lost personal computing to Android and iOS (as well as some Mac and Chrome OS in the US). Where it's still being used for personal computing it's often as a mere host for a web browser with the added benefit of a physical keyboard.
Windows has effectively lost the generation that will shape corporate environments in the years and decades to come, and that has the potential to erode both Office and their server-side offerings. Windows is losing share everywhere, even on Azure.
It's one thing to talk an entreched Windows shop into using Azure. They certainly get some impressive growth numbers out of it. But it's quite a different challenge for Microsoft to sell to people who went from school through university using iOS or Android, collaborating via Google Docs and Google Drive for free. It's going to be a very hard sell for Microsoft.
There is an avalanche of these folks that's going to hit corporate environments in the coming years. They have no attachment to Microsoft and they have zero tolerance for Microsoft's obscure sales language and licensing terms.