Anurag Rana

That's something we have highlighted in our research before.

But, you know, if you look at some of the other numbers, such as RPO, you mentioned above 600 billion, that's very impressive.

And we already know the capex was going to go up.

So I think in tandem, that's the only number that sticks out that they didn't beat by a decent amount.

I think the question I have is, you know, there's a big number that, you know, that 690, 600 plus billion RPO you mentioned.

There is a large portion of that comes from OpenAI.

So the big question is, you know, how is OpenAI going to fund this thing?

Do they have the capital to actually fund, let's say, a 200 plus billion dollar commitment?

But other than that, what are other clients spending that are not open AI?

And, you know, how is that business going?

And if that wasn't the case, how should we look at Azure growth in the coming quarters?

I think those are the big questions that we need answered right now.

Oh, actually, I mean, to be very honest, right now, the entire software sector has been absolute under threat because of a lot of what you are mentioning, whether it's cloud or whether it's open AI tools or whether it's open source.

I mean, look at the valuations of software companies.

They've been completely destroyed over the last six to nine months.

And a large portion of that is driven by what you just said.

So we are absolutely in flux right now as to who will own the final product.

And that's partially the reason when you have these valuations go all over the place.

But I would comfortably say when it comes to somebody like a Microsoft's cloud portfolio or Amazon's cloud portfolio or Google's cloud revenue, I think these three companies will dictate a large portion of that market share

just because they have the capital to do it, they have massive market shares, and they have also the distribution.