00:00Should we start on Microsoft? I feel like it's probably the most tangible, right? So
00:05everything is in the cloud growth, better than expectations. And, you know, the math was really
00:11simple going into this. They've just closed the book on their fiscal financial year. And the
00:16question still remains, when we get to the call, what does Microsoft tell us about the capital
00:22expenditure growth into next year? Because the street sees CapEx growing beyond 50%.
00:27Top line growth on Azure is 43%, give or take XTAC. All the street really wants to see is that
00:34pace of growth being near to CapEx growth, right? It's a really simple equation. But
00:39going back to Alphabet, which is highly analogous, there's so much commentary here from Microsoft
00:44about traction with Copilot, like more data points that are just easy, tangible to understand
00:51about how Microsoft's AI efforts are going, right? And that's the stock reflecting that
00:58in after hours.
00:58Is the 30 million paid seats a big deal for 365 Copilot for Microsoft?
01:04Yes, because it's versus 20 million at the end of March. Exactly what I'm pointing to.
01:09The other one is, I think you guys mentioned this, but like Nadella was talking about Azure
01:14generating more than $100 billion in annualized revenue. You know, remember Amazon went to that
01:19figure very early, you know, in its kind of like growth of AWS. Then what Amazon did,
01:25uh, they report tomorrow, but it was to say, this is the AI specific annualized revenues.
01:30So Microsoft's just saying more, you know, giving newer data points, which take us beyond the simple,
01:36are the top line, uh, numbers growing beyond the CapEx growth.
01:39Which you kind of want to get right when a company is spending and building and doing all of this,
01:42the more, um, information, the more transparency, that's helpful big time.
01:47Yeah. I mean, again, from the press release alone, Microsoft's not saying anything about fiscal year
01:5327 CapEx. Yeah. So that's,
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