James Chokmok

And also what is the percentage change in estimates?

And what is the percentage change in the rate of growth?

because with these companies, with these valuations, you have to be able to show the sustainability of those growth curves.

Without that sustainability, then you come into questions about the sustainability of the valuations.

And with these valuations being where they are, not only from a stock perspective, but the market perspective, one little thing can cause things to break.

I mean, you saw what happened with Intel last week, down 17% on that quarter.

And this is a company that the White House

um is backing so um you know it doesn't take it takes an instant you know to break the valuation even though it takes a long time for that valuation to expand so you got to be careful

Yeah, it's interesting.

Right before earnings came out, I was getting the latest bogey numbers for the Azure number, and it remained in the high 30s, around 39%, and that's kind of where the numbers landed, right around there.

And I was telling our team that this is a pretty lofty expectation, especially the fact that it's retraced somewhat heading into the quarter.

You know, a lot of high expectations on all these companies.

Microsoft right on up there with all of them.

And the valuation, it is where it is with that double digit times sales.

You know, you want it.

It's great that it's a subscription asset.

It's a recurring revenue business.

But at the end of the day, you know, you got to deliver the growth.

And it's all about the growth relative to expectations.

And in this case, it was just in line.