1. Adobe -- Microsoft is
#2 in the ERP Business and
#4 in the CRM Business. Buying Adobe whose Adobe Marketing has already deep collaboration with Microsoft Dynamics will make them
#1 in the ERP + CRM Business combined. Aside from this Adobe brings in other know software like Photoshop, Premiere, Autodesk, etc.
2. Qualcomm -- Microsoft needs the expertise of Qualcomm in creating its next generation hardware which includes Servers, Mobile Devices, etc. This is far better than buying a mobile company as Qualcomm has already some collaboration work with Microsoft on Windows 10 for ARM and Qualcomm is aiming to create ARM Processors that are powerful enough to rival Intel by 2019 given that Intel has had many problems recently.
3. AMD -- If the Qualcomm deal is too big, this is the next best thing as it has the expertise in building both CPU and GPU which would give Microsoft the expertise in building its HoloLens and AI Chips. The only problem of AMD is lack of funding which Microsoft has a lot!