Ayoko Yoshioka

more so than anything else.

It's great that we're seeing that growth on the cloud for both Microsoft and for Alphabet.

But really, it's that spend in order to get those growth numbers, I think, is what is giving investors a little pause.

Absolutely.

I think a lot of it has to do with the anxiety about what they'll say tonight and how much investors might be off or the street might be off in terms of the estimate for 2026 CapEx for Amazon.

I think investors are anticipating about $125 billion in spend, which is up 22% or so from 2025.

And so we'll have to see if Amazon decides to spend a little bit more.