So today I want to talk to you about something that may surprise you.

If we think that the huge investments in artificial intelligence data centers and infrastructure

and the exceptional profits at companies like Amazon, Microsoft or Nvidia, are just about

generative AI. We're missing something important. All of this matters,

generative AI, but in a different way. The real story is a broader shift in the economy

towards computation. So let me take you through this shift and how it connects to what we're

seeing in the news and how

Gen AI fits in that picture. We saw the results from many of the tech companies, many of the

big tech firms, and they showed really staggering growth, particularly in their cloud

businesses. There are companies like Amazon and Google and Microsoft are known as hyperscalers

because outside of the businesses we most think of them running,

they also run computing capability for enterprises all over the world.

And those cloud businesses are growing really rapidly.

Analysts reckon that Amazon's AWS grew more than 20% to about $33 billion in revenues.

Google Cloud growing faster.

It's the smallest of the three at about $15 billion in revenues.

And Microsoft's Azure grew by some 40%. And we reckon a large part of that

as it was with Amazon and Google AI workloads. That is running their infrastructure

to serve AI companies like OpenAI, like Anthropic, but more importantly, enterprises all over the world

who are increasingly building AI services internally.

It's not just about the data centers and the hyperscalers.

Chip companies are seeing enormous orders.

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