MS is doing very well in the desktop area.
Not so much in servers, or other Enterprise-class services/products.
Yes--their stock price has been doing well--but they've been leaning on the desktop product far too heavily.
That's her opinion, I believe. I haven't been following them enough to know.
“At risk”, I can understand.
“Treading water” is hyperbole.
Anyway the “big picture” is a BIG picture comprising cloud services, mobile devices, desktop OS, corporate servers, productivity apps, etc., and again, in terms of shareholder value MS seems to be more than holding their own.
Giving away Visual Studio to indies was a big big step.