Jensen Huang

less than $100 million in purchase price, and I think it's exactly the right kind of asset that allows us to accelerate our roadmap.

With that one in particular, they're very developer-focused, which is very much in our DNA, and they also allow us to faster realize our platform ambitions in terms of delivering purely agent experiences that require identity to be a part of it for us to be able to trust who we're interacting with.

Twilio shares just showing how much people are loving this revenue and the numbers.

Gross margin is still an area that some called out as being pressured.

Quickly, is that something you're focused on?

I mean, of course we're focused on it, right?

The commitment that we made last quarter to investors was that we would stabilize gross margins.

And I think in Q3, that's exactly what we did.

We'll continue to work to stabilize gross margins.

I think it kind of overshadows the story in some respects.

I mean, the reality is, is that we maintain...

an incredible amount of price discipline.

A lot of that gross margin pressure, frankly, comes from two areas.

One is the success that we're having in our messaging business, which is growing super fast.

I don't really think we should have to apologize for that.

And frankly, I think that allows us to grow into other customer opportunities over time.

And then the other area is just fees that get passed down by carriers.

I think that is

purely an optical element of the story.

It doesn't impact our ability to generate gross profit, and importantly, has not impeded our ability to drive operating leverage and free cash flow.