Antonio Neri

but ultimately reaffirming a 17% to 22% revenue growth guidance in addition to raise the EPS and free cash flow guidance.

It's a combination of many things, Caroline.

You know, I think sometimes, you know, just the real estate takes time.

Bringing the power and cooling takes time.

In some cases, you know, the equipment, right, slightly delay because you're talking about turbines for,

power generation in some cases, it can be low-level components.

But look, these are very large build-outs.

We're talking about tens of megawatts, sometimes hundreds of megawatts, and now we're going through gigawatts.

And so we just need to recognize that it takes time to build these large build data centers.

And ultimately, we will be ready to deploy as soon as these data centers are ready to accept the systems.

But also the working capital takes also longer to get through.

Well, there are customers already in the current generations, the generations before that feel now I need to get another bump in performance so that I can lower my cost per token training as I go forward.

So it can be a combination of both.

And depending on where they are in the build out of the data center, it makes sense for them to go to the next generation.

But also we see an interest in getting the choice and the flexibility to build these data centers the right way.

And that's why we at HP now with the addition of Juniper, we are becoming a networking center company.

And this past week, just in Barcelona, I came back yesterday,

we announced a number of amazing technologies that allows customers to adopt, whether it's NVIDIA or whether it is AMD, and we announced the first scale-up Helios switch that allows them to adopt this technology.

So it can be a combination of things, depending on where they are in that build-out cycle.

Yeah, absolutely, Cara.