Mandeep Singh

Jay, I think the street obviously didn't like the Billings number in your print, and that was seen as moderating.

Was that attributed primarily because of seed growth slowing down, and we keep hearing layoffs like the one that Square announced yesterday, or was there anything more to the Billings number last night?

Maybe, Jay, I want to go to a different topic around sovereigns, because we've been hearing more and more that every sovereign wants to build their own AI.

How does that impact a company like yours that operates globally, given sovereigns are more keen to deploy this on-prem?

Does that impact a cloud security company like yours?

Yeah.

And look, I mean, Amazon today announced this $50 billion investment in open AI.

Google, we know they've closed their acquisition of Wiz.

So how do you see, you know, the hyperscalers playing in this space where they obviously are deploying the models on their cloud?

They are bundling security.

Is that going to have some sort of an impact in terms of the AI security aspect that you alluded to?

How are these enterprises measuring the efficacy of your product versus whatever is coming bundled with the hyperscale solutions?

What is it that is really making them go with Zscaler in terms of the efficacy aspect specifically?

They've been talking about guardrails and safety for quite a while.

And in this case, clearly the U.S.

government wants to use, you know, the version without the safeguards for the purposes of national security.

And

I think the company probably had to relent because of the Defense Production Act.

2026 will be the peak capex for a lot of these companies.

especially in terms of growth rates.