Satya Nadella

I'm so excited to be a leaser because, by the way, I build a lot.

I lease a lot.

I am thrilled that I'm going to be leasing a lot of capacity in 27, 28 because I look at the bills and I'm saying, this is fantastic.

The only thing that's going to happen with all the compute bills is the prices are going to come down.

I mean, I think the real thing is the utility of the tokens, right?

So which is in some sense, both need to happen.

One is intelligence needs to get better and cheaper.

And anytime there's a breakthrough, like even what DeepSeek did or what have you, with the efficient frontier of, let's say, performance per token changes, right?

and the curve gets bent and the frontier moves, that just brings more demand.

And so that's sort of how I look at it.

And that's what happened with cloud, right, by the way.

Here's an interesting thing.

We used to think, oh my God, we've sold all the servers in the client-server era, except once we sort of started putting servers in the cloud,

suddenly people started consuming more because they could buy it cheaper and buy, it was elastic and they could buy it as a meter versus a license.

And it completely expanded.

Like, I mean, I remember like, you know, going, let's say to a country like India and sort of talking about, oh, here,

a SQL server.

We sold a little, but man, the cloud in India is so much bigger than anything that we were able to do in the server era.

And that, I think, is going to be true.

If you think about if you want to really have in the global south, in a developing country, if you had these tokens that were available for healthcare that were really cheap, that'll be the biggest change ever.