I was at Microsoft from 1991 to 2007, almost always as an IC, and don't ever recall stack-ranking teammates. That was always something done by the managers, not the ICs.
Even my short stint as a manager (with one report, lol), I wasn't on any of the stack-ranking meetings, thankfully.
Microsoft is manager centric. Even when they tried to move away from bell curve, it led to more power in the hands of manager by giving them the budget.