Our quarter ending March 2026 — fiscal Q3 — revenue $82.9 billion, up 18% year-over-year, 15% constant currency. Cloud $54.5 billion, up 29%, gross margin 66% — down from 69%, guided roughly 64% next quarter as AI infrastructure scales. Company margin 68%, compressing. Azure accelerated 40% (39% constant currency); demand still exceeds capacity. Intelligent Cloud up 30%. The margin path under inference load is the throughline: falling as the AI fleet scales, and we guide it lower again.