Comment by aresant

- This is a proper MSFT resource allocation commentary, not an industry wide canary in coalmine

- MSFT CapEx is up 45% YoY, positioning for inference dominance

- MSFT is prioritizing AI inference for millions of customers over massive AI training for OpenAI

- Losing inference demand risks clients moving to AWS/GCP

- MSFT taking bet that industry overbuild will lead to more attractive leasing terms in future vs owning

- OpenAI chases AGI; MSFT chases scalable, affordable AI that drives Azure adoption

- Leadership is risk adjusted - they win if OpenAI succeeds, and win if open-source wins