In our on-premises server business, we expect revenue to decline in the low to mid-single digits with ongoing customer shift to cloud offerings and the prior year comparable noted earlier. In Azure, we expect revenue growth of approximately 45% in constant currency, we remain focused on delivering efficiencies that help us bridge the gaps we see as customer demand continues to exceed supply. In Dynamics 365, we expect revenue growth to be in the low teens, relatively stable quarter-over-quarter, driven by continued growth in ERP, although impacted by the bookings trends noted earlier.

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When you start to think about over the duration, I try to remind people, a lot of the expense, especially you see it in CapEx. Thank you very much for taking my question. The next question comes from the line of Mark Moerdler with Bernstein Research.

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The last question will come from the line of Gabriela Borges with Goldman Sachs. We're very excited about Perception and what it means, quite frankly, for our security business going forward. It's cost and resilience is both an important criteria, and that's what we are trying to build in, whether it's in code, whether it's in cyber, whether it is in knowledge work. In fact, we proved with the MDASH data in CyberGym that essentially you can have Mythos level performance, with 50% less cost because of this MAI-Cyber-1-Flash. The other thing they've also said is, especially in cyber, it becomes critical to have that multi-model approach to sort of the first question that was asked. Whether it's the identity Microsoft Entra signal, the Microsoft Defender signal, the network signal, the Fiesta slots Casino app security signal, all that sort of helping really do the context, so that you can then truly create the protection.

It starts with, again, that product shape. Thanks for taking the question, and also congrats to me on a very strong end to the year. The next question comes from the line of Adam Wood with Morgan Stanley. At the end of the day, you do need to, Amy talked a little bit about even in the last quarter, how we've improved on the efficiency front. You have to recognize the breadth, the geo mix, the segment mix, the workload mix, and you got to really think about all of those when you're even building capacity.

For example, our FD teams worked with Novo Nordisk to build an agent that helps analyze clinical data while meeting its strict compliance requirements. We will embed 6,000 industry and engineering experts with customers to co-design, co-innovate, and continuously improve AI systems at scale. To help customers capture that opportunity this month, we launched Microsoft Frontier Company, the largest outcome-driven engineering organization in the industry. Across both our high-value agentic experiences and the AI platform and infrastructure, we are focused on helping customers turn AI into measurable outcomes.