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This is my 123rd tech earnings season. Tonight is the biggest of them all. The capex conversation will be heavily weighted on memory price increases, which means we should see the CY26 average growth inch up tonight from 64% to just below 70%. The real question is what does CY27 look like? Unfortunately, we will not get much on that topic tonight beyond they're committed to continuing to build out capex for several years. My take: The AI brain, measured by capex, is still small today relative to what it will be in the next 5 years.