Satya Nadella – How Microsoft thinks about AGI

databases in fact will be a big thing that'll grow. In fact, if I think about all of the office artifacts being structured better data, the ability to do the joins between structured and unstructured better because of the agenting, what that'll grow the underlying, what is infrastructure business.

the thing that is the biggest competitor for any new accelerator is kind of even the previous generation of NVIDIA, right? I mean, in a fleet, what I'm going to look at is the overall TCO.

But like Oracle is going from like 1/5 your size to bigger than you by end of 2027. And while it's not a Microsoft-level quality of return on invested capital, right, they're still making 35% gross margins, right?