Transcript (en)

When you think about what's happening on cloud, call it mid-60% growth, this has really been a turnaround for the ages that you've seen Alphabet go back to a year ago. I think it's showing that you're seeing the growth, you're seeing the enterprise really start to go after the AI monetization. And then, of course, what they've done on surge, what they've really done across the board when it comes to Gemini, despite the fact that it was delayed. Look, a year ago, New York City cab drive was bearish on Alphabet. And I think now, really, for them, it's showing that the CapEx, and Mackenzie talked about it, likely over 300 billion next year, that that's something that's now showing more and more monetization. It sets the tone for Microsoft, for Amazon, for ultimately down the road for Meta and others, in terms of what's happening going from this CapEx piece to monetization.