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I recently earned the DP-100 certification, but I understand it will be replaced by the AI-300.
When the DP-100 expires, will I simply lose the certification? Is there no automatic transition or renewal path to AI-300?
It seems unreasonable to lose the certification after investing time and money into it.
This has been answered many times below in the comments and replies.
There is no transition path between the old and new certifications. Your existing certification will be retired and once retired it cannot be renewed. Your certification will not be lost and will remain on your Learn transcript and will be moved to the historical certification section once it has expired.
Microsoft retires certifications all the time and sometimes replaces then and sometimes creates entirely new certifications.