Gil Luria

There's real behavior, real demand.

There is a lot of bubblicious behavior, a lot of bubble-like behavior happening.

Anybody borrowing money to build a data center that doesn't already have customers, that's speculative behavior.

That'll come back to bite us.

So there is a lot of bad behavior, all those circular deals that we've talked about, bad behavior.

But at the core, and again, that's what we especially talk about, your Microsoft, your Amazon, your Google, your NVIDIA, at the core behavior,

our global economy is going to continue to invest in AI and get good results from that.

In any big technology cycle, there's bad behavior that happens around it.

But at the core, this is a good investment.

Let's not forget, a Google Cloud that reports next week is not going to grow 38%.

It's more likely to grow in the low 30s.

Amazon Web Services reports next week, they're more likely to grow in the low 20s.

Azure is still winning.

It just didn't quite meet those very, very high expectations.