Maybe just starting out, as you call the mid-tier, I'm curious how you think the rising importance of GPUs and what that means for how HPC impacts AWS specifically. How does it impact AWS's competitive positioning?

With AWS, I don't think they really consider it because they seem somewhat niche. AWS offers much more than what the GPU mid-tier providers do. There's accounting, various software packages, ease of use, and many other factors that come into play when you look at the hyperscalers. They have a robust infrastructure and understand what customers are looking for. If you look at the Fortune 500 companies, many use the hyperscalers because they aren't just looking for GPU compute. They want a range of hardware options that mid-tier providers don't offer. A lot of discussions are driven at the accounting level, where companies have to justify going outside of AWS if AWS offers the same product.

To reframe or ask a similar question through a different lens, do you think their competitive advantage is increasing, shrinking, or staying roughly the same?

Interestingly, the DOJ started looking at Microsoft for anti-competitive behavior in the GPU space about two weeks ago. I was discussing this with some friends, and it's nerve-racking for Microsoft because the DOJ has no problem breaking them up. The same thing is happening with Google. These companies need to think more cautiously about their actions, especially because they are throwing their weight around. This short-term growth might not consider the long-term ramifications.