Tim Stenovec

I want to bring in Bloomberg Intelligence Senior Technology Analyst Anurag Rana.

He joins us in Bloomberg's Chicago bureau.

Microsoft down 5% right now.

Taking a look at some of the headlines, Anurag, that crossed.

I know you've only had a few minutes to actually look at these.

Second quarter, Azure, another cloud revenue.

XFX was up 38%, meeting estimates.

Second quarter, revenue for the company beat estimates at $81.27 billion.

Second quarter, intelligent cloud revenue, beat estimates.

We also saw Microsoft 365 commercial seats grew 6%.

45% of commercial RPO was driven by open AI commitments, commercial remaining performance obligation, $625 billion.

What's not to love here?

Is it all about CapEx?

I don't remember where I saw this.

I don't remember if it was on our program yesterday.

I think my brain is mush.

I'm sorry, Anurag.

It was all about Claude from Anthropic competing with Copilot and Claude offering products and services at a fraction of the cost or even free versus what companies are paying for when it comes to Microsoft Copilot.

How big of a threat is that?

So interesting.