AI Infrastructure Investment - AI investment boom is still happening rapidly with no slowdown [2] - Google raised its CapEx from $75 billion to $85 billion for its cloud business [2] - Mark Zuckerberg plans to spend hundreds of billions of dollars in CapEx [4] - Demand for hyperscale infrastructure is accelerating [5] Market Dynamics and Consolidation - AI trade has not yet reached applications like Salesforce or Adobe [3] - Expectation of an M&A wave due to many companies claiming to be AI-first [6] - AI is consolidating power for many, not just a few, leading to capacity constraints [7][8] - Too many companies are chasing AI long term, necessitating cleanup and M&A [9] Company Performance and Outlook - Microsoft is on an acceleration path and capacity constrained [15] - Amazon's backlog grew by 20%, up from 14%, indicating future revenue growth [16] - Microsoft is guiding to an acceleration [16] - IBM's software business decelerated, and the stock's valuation was high [12] Economic Outlook - CEO upgraded the overall economy from cautiously optimistic to optimistic [13] - Optimism about consulting for 2026 [15] Key Metrics - Bookings, revenue growth, and CapEx are the key metrics to watch [17]