@tante there is a difference between infrastructure investment and COGs. Microsoft spending roughly 20B on DC investment isn't the same as buring 20B per quarter on using somebody else's DCs. And the 20B DC capacity added isn't just used for powering Copilot but also for selling that DC capacity to others. Microsoft isn't losing money, it's making 28B *after* investing into additional DC capacity. You can still ask if that's a clever investment going forward but this is not "spending 3-5 USD to make 1 USD"