Seems fair to me. The US court system is telling a US company to provide data that the US company owns.
Microsoft is trying not to provide the data because it's stored elsewhere (And I'd lay pretty good odds that if the US court got an Irish search warrant the data would suddenly be in Switzerland).
If the UK HMRC asks me for information on where any money paid to me comes from they aren't going to give a damn if I'm banking in France.
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