Anurag Rana

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.

So these three, I think, will remain the way it is.

The rest of the industry will shift around.

We still think software has a place in this world, and there will be some damage, but it's not going to get completely blown up.

And then let's see how that shapes up.

So if you are just selling a tool out there in the public to an enterprise or a small business, you may not get the same kind of premium that you were before.

Remember, software business with 80, 90 percent gross margin business.

But if you can spin some of that code up, you know, using white coding or internally, you may not need some of those tools out there.

Now, we think.

At least on the enterprise side, having a core system of record, something like the one that's sold by SAP or a Workday, they're far more important and people are not going to rip them apart and use white coding tools internally out there.