Microsoft definitely does underpay the market significantly! Like 60% of what other companies of the same level pay, unless you're in the Copilot org. Maybe you'll get a little bit higher.
What companies do you think are at that level?
Amazon is in the same ballpark AFAIK, but the other two have noticeably better comp. The "Microsoft deal", such as it is, was that it's a place where you don't have to grind hard. This has changed now though.