Gil Luria

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It was a small beat.

I think the aftermarket activity is a little bit of investors being picky about Azure growth.

They wanted 39 percent growth and they got 38 percent growth.

Having said that, just a few seconds ago, they guided that next quarter will be a 37-38 percent growth.

So I think investors will be able to relax a little bit, especially when they realize that some of the other numbers they reported like remaining performance obligations for this year,

are also up 39 percent, which is to say the growth of Azure this year is already in the books.

So they're in very good shape.

I believe that by the time investors fully digest these results, they'll realize Microsoft is still doing great.

Let's not forget that 38 percent compares to 32 at Google Cloud,

and low 20s at AWS and Amazon.

So Microsoft is still doing the best of all the large cloud providers.

And again, we now know that that's going to be the case for the rest of the year.

The next couple of months are going to be critical from the OpenAI perspective.

OpenAI is out in the market trying to raise capital.

If they can raise the $50 billion they're aiming for, they have somewhere between $20 and $40 billion on the balance sheet.