> Everything comes back to whether the demand is really there

And unit economics.

HY1 2026 revenue less compute and infrastructure turned positive (45% gross compute margin; $8.9bn C&I to turn $16bn revenue) for the first time; it was -176% in FY 2025 with $7.3bn C&I on $4.6bn revenue.

It looks like a lot of costs of revenue are in sales, marketing and partnerships, though. Backing those out shows H1 2026 margin at 26% ($4.2bn) after -72% for FY 2025. Still positive.