Regulatory and Antitrust Overhang

FTC escalates cloud bundling and AI tying probe; UK CMA launches SMS probe into software/cloud licensing; EU DMA/Data Act clash. Microsoft achieves full EU AI Act compliance, reducing risk. Governance shift making OpenAI a direct Copilot subprocessor adds new compliance concerns. New: Microsoft's 10K admission of 'leveraging Windows' to push Edge, Bing, and Copilot is a significant regulatory risk signal, aligning with ongoing FTC/CMA probes and could intensify antitrust scrutiny.