Anurag Rana

I personally think it's a supply problem, but it's a temporary problem.

But as we know right now, the trade is to sell software and buy semis.

And I think I don't see that changing tomorrow morning.

No, I think it's usually high expectations and the fact that they only met Azure growth rates, which was 38%.

I think that's probably weighing on the stock because one would have expected them to blow out that number.

It has been around 39% the last couple of quarters.

So I think that's where a little disappointment could be.

But that could also be because of supply constraints.

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.