Additions to property and equipment were $30.9 billion cash this quarter (about $31.9 billion with finance leases), up roughly 85% year-over-year. The CFO named the disconnect outright: capex growing faster than revenue. The defense rests on roughly two-thirds short-lived assets that correlate with revenue and a $633 billion RPO book — commercial RPO up 26% excluding OpenAI, making OpenAI a material part of the backlog. Guided to roughly $190 billion for calendar 2026. Whether the short-lived spend converts fast enough to close the gap is the open timing risk.