Michael Turin

We can't get away from it.

I think it's been the toughest moat to crack in software.

We've seen many companies try, and the honest truth is we've just all been conditioned to work in Microsoft and very effectively.

Copilot is a way to extend.

I think the productivity use case that is pretty interesting from the

Numbers perspective, investors are focused in on Microsoft 365 commercial cloud, which does embed the co-pilot metrics as well.

That business is forecast to grow 13% to 14% this quarter.

Any upside would likely be attributed to co-pilot and could create, I think, the next big unlock for Microsoft.

The productivity business could start to show growth improvement alongside Azure.

Yeah, it's definitely become the $5 trillion benefactor of most of the AI industry right now.

What we reported here is that just through October of this year, NVIDIA has backed 59 different AI startups, which already outpaces all of what it did last year.

I think it's more than triple or quadruple what it did a couple of years ago.

And there's no sign of it slowing down.

And I think there's a clear desire here to kind of support the wider ecosystem and industry in ways that probably come back and benefit NVIDIA.

You know, what they've said to us and to other outlets certainly is that there is no obligation here that the companies that it provides money to have to then turn around and buy Nvidia chips.

And that may be true.

What's also true is that, obviously, NVIDIA is the market leader for AI chips.

So if it helps prop up dozens or hundreds of AI startups with capital, some of that money is going to come back to NVIDIA.

And ultimately, that feels part of a larger strategy.

As we all know, NVIDIA is very dependent on a handful of large tech firms who buy up the majority of its chips.