Speaker remains impressed by Microsoft's AI infrastructure efforts (Azure, Copilot).

I am still impressed with Microsoft and what it is doing in the field of artificial intelligence infrastructure for "Azure" and " Copilot".

And was that in your mind more about companies like Microsoft and some of the big cloud computing companies catching up, rather than the poor performance of the semiconductor sector (SOX)?

how the major cloud computing firms began to respond to capital expenditure announcements at the start of the summer, compared to how that changed when Microsoft was first able to demonstrate that returns had already been achieved , do you think these free cash flow concerns are beginning to fade, or am I overestimating the situation?

Perhaps the concerns about the leverage surrounding this expansion are beginning to fade, and perhaps we can once again observe this convergence between cloud computing companies and infrastructure names as we have seen over the past two years.

You have seen Microsoft's recovery since earlier this year when everyone was worried about a Software as a Service (SaaS) disaster.