“I have said we are now likely to be short capacity to serve the most important things we need to do, which is Azure, our first-party applications.”

In context

“lived, seeing the pivot in terms of how those are being utilized, we are -- and I said this now, we've been short now for many quarters. I thought we were going to catch up, we are not. Demand is increasing. It is not increasing in just one place. It is increasing across many places. We're seeing usage increases in products. We are seeing new products launch that are getting increasing usage, and increasing usage very quickly. When people see real value, they actually commit real usage. And I sometimes think this is where this cycle needs to be thought through completely is that when you see these kind of demand signals and we know we're behind, we do need to spend. But we're spending with a different amount of confidence in usage patterns and in bookings, and I feel very good about that. I have said we are now likely to be short capacity to serve the most important things we need to do, which is Azure, our first-party applications. We need to invest in product R&D and we're doing end-of-life replacements in the fleet. So we're going to spend to make sure that happens. It's about modernization. It's about high quality. It's about service delivery, and it's about meeting demand. And so I feel good about doing that, and I feel good that we've been able to do it so efficiently and with a growing book of business behind it. Satya Nadella: Yes. The only thing I would add to what Amy captured was, if you sort of look out, there are 2 things that matter, I think, and that are critical in terms of how we think about our allocation of capital, also our R&D. One is how efficient is our planet-scale token factory, right? I mean that's at the end of the day, what you have to do. And in order to do that, you have to start with bu”