It's not just Satya, the CEOs of all the hyperscalers are consistent in their messaging over the last several quarters that they are backlogged on capacity. Not only are they saying it, they are putting their money where their mouths are by actively burning double-digit billions of their free cash flow on this buildout.

How probable is it that all these competitors are colluding on the same story while burning what would have otherwise been very healthy profits?

Occam's razor and all that.