Michael Turin

And I think everyone wants access to OpenAI's technology, which is embedded into Copilot.

You can directly tap the OpenAI API through Azure.

That's an exclusive agreement.

Those things are holding firm, so we're still very confident in Microsoft's position.

But the world has changed.

What we underestimated was just how big the size of just the training market would be within the AI cloud market.

So we're just seeing growth that we haven't seen in technology in quite a long time.

I mean, we think it continues to go higher.

We're modeling above consensus right now.

We're a billion above consensus for this quarter.

We updated that just based on some of what you're saying.

We hear the capacity constraints in the market.

We hear data center capacity still coming online.

We think the most important thing beyond what Azure presents for the quarter is where they guide data.

The December quarter should have a little bit less capacity constraints.

So I think investors will be listening carefully to see how they characterize Azure growth for December as well.

But you're right.

This is a good problem to have for Microsoft in many ways.

We have a business that we're saying is $100 billion in scale and can't even keep up with demand right now.

Just unprecedented levels of interest.