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Throughout this past fiscal year, customers across every industry and segment moved from AI experimentation to deploying AI for real-world business outcomes. We saw the emergence of Frontier Firms as organizations moved beyond efficiency gains to focus on human ambition and embed AI at the core of how they operate, unlocking innovation and creating new opportunities for growth. Successful customers are building an intelligence platform so their unique IQ — their knowledge, data, workflows, applications, and expertise — can continuously compound, ensuring the value of AI accrues to the customer, not the model. They also have a trust platform that is pervasive, with the ability to manage, govern, secure, and measure AI across every business process. Everything we are doing at Microsoft is focused on empowering Frontier Transformation. Copilot enables AI in the flow of human ambition, Microsoft IQ amplifies and protects an organization’s IQ, and Agent 365 is the trust platform that enables observability at every layer of the stack. Businesses are not static, and neither are the AI systems that support them. As organizations evolve, AI systems must continuously learn and improve. Agentic workflows need to be built, observed, and tuned against the outcomes organizations seek and the ROI they demand. Microsoft’s open, model-diverse, and heterogenous platform powers that improvement loop. Looking back on FY26, I am inspired by what our customers are achieving: embedding AI into core business processes, building agentic systems, strengthening security, accelerating innovation, and creating new sources of value. I invite you to read my latest earnings blog to learn how they are bringing Frontier Transformation to life, demonstrating how intelligence, trust, and human ambition come together across industries. aka.ms/FY26Q4Blog