Satya Nadella

But you need to have existence proof that you are able to parlay yesterday's, let's call it, capital into today's demand so that then you can again invest, maybe exponentially even, knowing that you're not going to be completely rate mismatched.

It makes sense, right?

I mean, the thing is, here's the interesting thing, right?

The real question, quite frankly, to answer is,

Is this just about, like, that's why even that balanced approach to the fleet at least is very important to me, right?

Which is, it's not about building compute.

It's about building compute that can actually help me not only train the next big model, but also serve the next big model.

And you understand until you do those two things, you're not going to be able to really be in a position to take advantage of even your investment, right?

So that's kind of where it's not a race to just building a model.

It's a race to creating a commodity that is getting used in the world to drive.

So you have to have a complete thought.

Not just one thing that you're thinking about.

And so that's at least in my view of saying, and by the way, one of the things is that it will be overbuilt.

To your point about you sort of said what happened in the dot-com era.

And I look at it and say, now the memo has gone out that, hey, you need more energy and you need more compute.

Thank God for it.

And so everybody's going to race.

In fact, I look at the number of, it's not just companies deploying, countries are going to deploy capital.

Yeah.

And they will be clearly.