“Operating expense growth will be in the mid- to high single digits, reflecting ongoing investments in R&D, inclusive of AI investment in compute, data, and talent to accelerate product innovation.”

In context

“igher component pricing. We remain confident in the return on these investments given higher demand signals and increasing product usage, as well as the efficiencies we are already driving across the platform. Even with these additional investments and continued efforts to bring GPU, CPU, and storage capacity online faster, we expect to remain constrained at least through 2026. Despite these constraints, and the continued need to balance incoming supply, we expect Azure growth to show modest acceleration in the second half of the calendar year, compared with the first half. Now I would like to share some closing thoughts as we look to next fiscal year. First, we continue to evolve how we operate to increase our pace and agility. Therefore, we expect headcount will decrease year over year. Operating expense growth will be in the mid- to high single digits, reflecting ongoing investments in R&D, inclusive of AI investment in compute, data, and talent to accelerate product innovation. Next, as a reminder, we will lap strong prior-year comparables impacted by Windows 10 end of support, elevated OEM inventory levels, as well as increased Office and server transactional purchasing. Finally, we remain focused on delivering a platform that enables customers to build and run AI solutions and on driving innovation in our first-party AI applications and services. Therefore, we expect another year of double-digit revenue and operating income growth in FY '27. In closing, we are committed to delivering innovation that helps customers create new business value as we enter the final quarter of our fiscal year. With that, let us go to Q&A, Jonathan. Jonathan Neilson: Thanks, Amy. We will now open the call for questions. Out of respect for others on the call, we request that partici”