On a level specific to Microsoft, their biggest threat is how agreeable and self-deprecating everything they do is now. Corporate cultures thrive on hierarchy, and yet their employees are pretty comfortable admitting to their friends that Windows and Azure are crap. The quiet trie flippers at Google, Amazon, Facebook, Oracle and Apple never speak ill of the product. Those people go and hunt leakers.
Nobody at Microsoft wants to hunt leakers anymore. That bloodthirsty lust for dollars is what made it possible for a whole generation of middle managers to hit the country club in the first place. So what does it say that the us-versus-them mentality is gone?
The CEO should be going out and saying, "Come work for us. Look how much nicer we are. Trie flippers might score better on their programming quizes, but they're insufferable." Instead he's talking, in coded language, about expanding to serve the Chinese government, which is impossible in an organization that believes in personal freedoms and positive life outcomes.
On a meta-level, what do we do with all the CEOs who are essentially beneficiaries of our increasingly correlated bull runs? Has it really boiled down to, "Since non-mineral and utility revenues are correlated at huge market cap companies, you're a good CEO as long as your likable?"