Read the passage below and identify which of the following statements (I, II, and II

• I can be logically inferred. Select the correct combination from the options provided. Passage: Microsoft has expanded its commercial operations far beyond legacy desktop operating systems, allocating substantial resources into enterprise cloud computing (Azure), artificial intelligence integration, gaming hardware (Xbox), and professional networking (LinkedIn). Despite this strategic diversification, a majority of Microsoft's operating revenue continues to be generated by its enterprise software and cloud licensing divisions. Industry analysts caution that evolving global data sovereignty laws and stricter cybersecurity compliance mandates could create operational friction for its primary cloud ecosystem. Nevertheless, the corporation's vast liquidity reserves and established enterprise client relationships provide a cushion to restructure its offerings if market conditions demand it. Statements: I. Microsoft's reliance on cloud and enterprise licensing revenue exposes it to potential risks from shifting regulatory frameworks. II. Microsoft has restricted its capital allocations entirely to legacy operating systems. III. Microsoft's strong liquidity and corporate network give it the capability to adjust to emerging operational hurdles.