“Even with accelerating the spend and trying to pull leases in and get CPUs and GPUs in the system as quickly as we can, we are still seeing demand improve.”

In context

“good about the ROI and the growth rates and the correlation, I feel very good that the spend that we're making is correlated to basically contracted on the books business that we need to deliver and we need the teams to execute at their very best to get the capacity in place as quickly and effectively as they can. And so when you look, and we've talked about the growth rate will decline year-over-year, but at its core, our investments, particularly in short-lived assets like servers, GPUs, CPUs, networking storage, is just really correlated to the backlog we see and the curve of demand. And I talked about, my gosh, in January and said I thought we'd be in better supply demand shape by June. And now I'm saying I hope I'm in better shape by December. And that's not because we slowed CapEx. Even with accelerating the spend and trying to pull leases in and get CPUs and GPUs in the system as quickly as we can, we are still seeing demand improve. And so I am not as focused, Kash, on trying to pick a date at which revenue growth and CapEx growth will meet and cross. I'm focused on building backlog, building business and delivering capacity, which we are seeing has a good ROI today in terms of our ability to get that done. So I don't want people to get overly focused on a pivot point. Because when you're in sort of these expansive moments, picking a data point usually means you're going to pick to be too conservative in terms of market share gain and in terms of winning. And so I tend to put my energy more there. Satya Nadella: Yes. I think one of the other things, Kash, is that -- I think I said this in the previous earnings as well, which is the difference between a hoster and a hyperscaler is software. And the same is going to be”