Anurag Rana

Yeah, there are two elements of it.

One of the most important part is the size of the company.

It's a very large software company, very big revenue base.

So even if you see adoption of whether it's data cloud on the AI side or agent force, it doesn't move the needle if the macro is bad.

And that's really the big narrative for whether it's Salesforce or Workday or a lot of other software companies is,

enterprise tech spending on the non-AI side of it is not that strong.

People are not adding headcount at the same rate they were a few years ago.

And that is what's weighing in the subscription growth rate of all these companies.

And I think that's the big narrative.

And from my experience, unless the estimate starts to move up, the stock kind of remains, I would say, range bound on that case.

So there are two aspects of it.

And I think one thing is very clear that there is no shortage of revenue on the AI infrastructure side.

So let's keep that in the other one area.

The second piece is all these co-pilot products that companies are launching.

In the case of Microsoft, when it comes to something like a GitHub co-pilot, highly productive and massive uptake just because of what it provides.

In the case of the office co-pilot, it has value to it for the end customers, but at the same time, it's very expensive to run at this point because the cost of token generation and inference is not that low.

Over time, that's going to come down and it will lead to more and more people embracing that.

But that goes back to the first thing we talked about is a slowdown in enterprise tech spending.

And I think that weighs on everything, not just a handful of sectors.

Yeah, I mean, I think that you will see some revenue uplift because of that, and that's good.