Arm

Actually, they're starting to see that piece in there. I think it'll be a transition over time. But I do think that as we add more value there,

and show that we can give programmability to their networks, that we can show that there's scale to the networks, that you can actually show benefits on patching and other things like that where there's a lot more flexibility there, I think you'll see more and more telcos leaning into cloud-based deployments.

and show that we can give programmability to their networks, that we can show that there's scale to the networks, that you can actually show benefits on patching and other things like that where there's a lot more flexibility there, I think you'll see more and more telcos leaning into cloud-based deployments.

and show that we can give programmability to their networks, that we can show that there's scale to the networks, that you can actually show benefits on patching and other things like that where there's a lot more flexibility there, I think you'll see more and more telcos leaning into cloud-based deployments.

Well, in some ways, it's a much stronger carrot. If the pitch is, hey, run the exact same thing that you're doing, but do it a little bit more efficiently and a little bit less expensively, that is less of a value proposition than if you can do something that hasn't been possible before.

Well, in some ways, it's a much stronger carrot. If the pitch is, hey, run the exact same thing that you're doing, but do it a little bit more efficiently and a little bit less expensively, that is less of a value proposition than if you can do something that hasn't been possible before.

Well, in some ways, it's a much stronger carrot. If the pitch is, hey, run the exact same thing that you're doing, but do it a little bit more efficiently and a little bit less expensively, that is less of a value proposition than if you can do something that hasn't been possible before.

And so I think that's why many of the workloads that you've seen move to the cloud already are the super scalable ones or the ones where they need lots of compute or the ones where They have a really large footprint because they see the winds are enormous for those type of customers.

And so I think that's why many of the workloads that you've seen move to the cloud already are the super scalable ones or the ones where they need lots of compute or the ones where They have a really large footprint because they see the winds are enormous for those type of customers.

And so I think that's why many of the workloads that you've seen move to the cloud already are the super scalable ones or the ones where they need lots of compute or the ones where They have a really large footprint because they see the winds are enormous for those type of customers.

For a server running in a basement of a hospital, maybe they can save a little bit of money or maybe they can save a little bit of IT work or whatever, but the value proposition may not be there unless we can really deliver a lot of value. you're not going to be able to get a lot of the value that's promised from AI from a server running in your basement. It's just not possible.

For a server running in a basement of a hospital, maybe they can save a little bit of money or maybe they can save a little bit of IT work or whatever, but the value proposition may not be there unless we can really deliver a lot of value. you're not going to be able to get a lot of the value that's promised from AI from a server running in your basement. It's just not possible.

For a server running in a basement of a hospital, maybe they can save a little bit of money or maybe they can save a little bit of IT work or whatever, but the value proposition may not be there unless we can really deliver a lot of value. you're not going to be able to get a lot of the value that's promised from AI from a server running in your basement. It's just not possible.

The technology won't be there, the hardware won't be there, the models won't live there, etc. In many ways, I think it's a tailwind to that cloud migration because we see with customers, forget proof of concepts. You can run a proof of concept anywhere and I think we've the world has proven over the last couple of years, you can run lots and lots and lots of proof of concepts.

The technology won't be there, the hardware won't be there, the models won't live there, etc. In many ways, I think it's a tailwind to that cloud migration because we see with customers, forget proof of concepts. You can run a proof of concept anywhere and I think we've the world has proven over the last couple of years, you can run lots and lots and lots of proof of concepts.

The technology won't be there, the hardware won't be there, the models won't live there, etc. In many ways, I think it's a tailwind to that cloud migration because we see with customers, forget proof of concepts. You can run a proof of concept anywhere and I think we've the world has proven over the last couple of years, you can run lots and lots and lots of proof of concepts.

But as soon as you start to think about production integrating into your production data, you actually have to have that data in the Cloud too, so that the models can interact with that data and you can actually have it as part of your system. I do think that that is going to be a tailwind over the next couple of years as people really want to have these agentic systems.

But as soon as you start to think about production integrating into your production data, you actually have to have that data in the Cloud too, so that the models can interact with that data and you can actually have it as part of your system. I do think that that is going to be a tailwind over the next couple of years as people really want to have these agentic systems.

But as soon as you start to think about production integrating into your production data, you actually have to have that data in the Cloud too, so that the models can interact with that data and you can actually have it as part of your system. I do think that that is going to be a tailwind over the next couple of years as people really want to have these agentic systems.

They really want to have their data in a secure environment, but integrated into an AI workflow. You can't orchestrate an AI workflow pointing it at a mainframe. It's not going to be possible. If you have the data going back and forth to some model, the security and control of making sure that that IP stays with you is risky too.