Gil Luria

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.

If they can raise the $50 billion, they'll be fine.

And even if they raise less than that, what's different about Microsoft and the discussions we've had about Oracle or CoreWeaver AMD is that Microsoft is front of the line.

Any dollar that OpenAI gets, Microsoft has first claim to it.

Not only is it an investor, it's also the primary compute provider to OpenAI.

So even if we're in a scenario where OpenAI has to scale down significantly and may not be able to pay Oracle or CoreWeave or AMD, it'll pay its Microsoft bills.

So that makes us feel better about that.

But clearly it's a huge part of Azure's growth

And it's the use of ChatGPT.

We're all using ChatGPT more, and that's the piece of the business that Microsoft will continue to have.

The more speculative parts is if OpenAI comes back to us and raises $100 billion, then everybody's dreams can come true.

That core meta-selling ads business is doing so well, investors are willing to give Mr. Zuckerberg a pass.

He's still growing that ads business in the mid-20s, 24%, 25%, which is remarkable at this scale.

By the way, it's twice as fast as Google's growing its ad market, which tells you...

met as a significant share gainer, which just gives Mr. Zuckerberg a free pass to do whatever he wants.

Because let's not forget, the numbers you just talked about are pretty comparable to Microsoft.