Satya Nadella

I mean, in an interesting way, just as we were getting going on what was the client server wave, and it was clear that we were going to win it as well, we had the browser moment.

And so we had to adjust.

And we did a pretty good job of adjusting to it, right?

Because the browser was a new, I'd say, app model.

And we were able to embrace it with everything we did, right?

Whether it was HTML in Word or build a new thing called the browser ourselves and compete for it and then build a web server on our server stack and sort of go after it.

Except, of course, we missed...

what turned out to be the biggest business model on the web, because we all assumed the web is all about being going to be distributed.

Who would have thought that search would be the biggest winner in organizing the web?

And so that's where we obviously didn't see it, and Google saw it and executed super well.

So that's kind of one lesson learned for me is like, hey, you got to really not only get the tech trend right, you also have to get where is the value going to be created with that trend.

And these business model shifts are probably tougher than even the tech trend changes.

Where is the value going to be created in AI?

That's a great one.

So I think the

the, at least in my current thing is, there are two places where I can say with some confidence.

One is the hyperscalers do well, right?

Because the fundamental thing is, if you sort of go back to even how Sam and others describe it, I mean, like if, you know, intelligence is log of compute,

whoever can do lots of compute is a big winner.

And the other interesting thing is if you look at underneath even any AI workload, like take ChatGPT, it's not like everybody's excited about what's happening on the GPU side.