Microsoft caught the technology trend and rode it very well, but what I’ve come to realize is it’s one thing for companies to catch inflection points and ride them – whether it’s Amazon, Facebook, what have you [...] The real test when that wave ends. The wave you caught that made you successful will come to an end. The question is what’s the next act.
He also says that Microsoft's "sense of identity" is helping keep the company focused during this time of great transition. No matter what else happens, Nadella says, Microsoft knows that its customers are big businesses and developers.
The thing that impressed me the most in 1992 when I joined the company was that sense of identity and the sense of purpose that was implicitly and very deeply understood [...] We knew we had caught something. That’s kind of what got me to come to Microsoft.