AI is currently running on a one lane, CapEx highway that is capacity constrained. Hyperscalers are the largest contributor to the momentum and as such, investors keep score with cloud growth rates. But this past quarter you had to read the footnotes and the fine print to go beyond the massive investments fueling the wave. Microsoft put up eye-popping Azure growth again, but a big part of that acceleration is Azure serving AI inference — notably ChatGPT — now neatly included in the revised definition of what's included in Azure. This is great for headlines but not conducive to apples-to-apples comparisons over time. Meanwhile, AWS delivered the largest revenue for cloud infrastructure and sent a clear message that demand exceeds supply. Meaning growth is capped by power and components, not pipeline. That creates a weird optics penalty — AWS showing growth in the high teens on a $120B-plus run rate and it’s deemed “concerning.” But it also telegraphs future upside as capacity goes online and depreciation cycles progress.