Caroline Hyde

will begin contributing more materially to Azure in the second fiscal quarter and beyond, which could provide incremental upside to our preview.

Alex joins us now.

The question is, do they have the capacity to serve the relentless demand from a player such as OpenAI, Alex?

And look, we're excited.

We think this is the bellwether that's going to help usher AI into the enterprise era.

The move from co-pilot to co-worker that never sleeps, never eats, never complains, just works on complicated problems all the time with the same tool chain that you're used to as a human.

We think Microsoft is very well positioned as a platform to deliver on all parts of that stack and journey, the most important metric being Azure.

The capacity constraint issues, we think, do start to get resolved as they bring the Fairwater data centers online.

We see both the Wisconsin and Atlanta data center starting to ramp and contribute.

We think that unlocks about a gigawatt of capacity over the course of the next year, which we estimate is about $20 billion of incremental Azure unlock.

We think that they also are contracting and expanding their capacity with third parties like the Neoclouds, Nscale, Nebius and a few others.

That could be up to another gigawatt of capacity or another potential 20 billion.

So we think that you start to see those resolutions come through over the course of the next few quarters.

I want to go back to where you started, co-pilot, and then you went co-worker.

What's so interesting really on the show the last few days and really thinking about Anthropix offering co-work.

How much is that potentially a real competitor to Microsoft?

Could it upend in the space?

To me, and the way we think about it is that we're in phase zero of adoption in the enterprise.

A lot of the tools, the way they're being used right now, we're in the discovery phase of what's possible.

We think that Anthropic, OpenAI, really all the model companies have an opportunity to massively expand the value creation that they're delivering in their offerings in the enterprise specifically.