Satya Nadella

I mean, at the end of the day, we do have the IP.

But that said, I think you bring up a couple of different things, right?

But that said, I think you bring up a couple of different things, right?

One is...

One is...

To ask the most important thing, when I look at what is Microsoft's strategy today, one is we want to build token factories.

To ask the most important thing, when I look at what is Microsoft's strategy today, one is we want to build token factories.

So our biggest business today is Azure business, and the Azure business, the TAM, given what's going to happen, is so huge that we now need to be fantastic at building these token factories.

So our biggest business today is Azure business, and the Azure business, the TAM, given what's going to happen, is so huge that we now need to be fantastic at building these token factories.

And that means a heterogeneous fleet of infrastructure

And that means a heterogeneous fleet of infrastructure

And that every hyperscaler is always done, which is use software to make maximum use of it and for TCO and utilization.

And that every hyperscaler is always done, which is use software to make maximum use of it and for TCO and utilization.

So that's one side of it.

So that's one side of it.

Then there's the app server business, right?

Then there's the app server business, right?

Which is everybody, you talked about like if everyone's going to be building agents, have infinite minds, have these RL gyms, have evals, what have you, there's an entire, just like every platform has had an app server, this one has an app server.

Which is everybody, you talked about like if everyone's going to be building agents, have infinite minds, have these RL gyms, have evals, what have you, there's an entire, just like every platform has had an app server, this one has an app server.

That's what we're doing with Foundry and what have you, right?