Azeem Azhar

Now, I went into this in some detail in last week, but there's just one thing that I wanted to come back to.

You know, there's a lot of uncertainty in this market right now.

And it's amazing that such huge decisions are being made in the face of such uncertainty.

One good example is that Arvind Krishna, who is the CEO and the chairman of IBM, was speaking last week and he said, look, it costs about $80 million per megawatt because in the last year, tech companies have started to think of their computing in terms of watts and megawatts.

So $80 million per megawatt for a data center.

Now, that's quite a high number.

Most people were using a number that Jensen was talking about, Jensen Huang from NVIDIA, of $50 to $55 million per megawatt.

A few years ago, a couple of years ago, a really, really high-end data center was running at about $20 million.

Now, if Arvind's right, and perhaps he is, perhaps that's IBM's experience, that changes the payback economics quite significantly.

Another thing I want to just bring up is that I talked about the middle of 2026 as being a really key point for evidence to emerge that this technology is more than helpful and seems to be quite positive, but actually is starting to deliver results.

And I just want to unpick why the middle of 2026 is so important.

It's important because ultimately, many companies really started their enterprise build-outs in early 2024.

So the enterprise tooling from Microsoft and from Google was available in late 2023.

You need to put a project team together.

You need to hire external talent.

You need to get going.

So you might get started in early 2024.

You should give an enterprise project a couple of years

time to prove itself as a pilot.

And that two-year clock will start to be reached in the early summer through to late summer and early fall of 2026.