zure cloutt a functionality on-prem, you do azur stack which runs on hp inc. year. a very good strategy, we are great partners with them. it's about giving customers choice. where do they want their workloads, where do they want their data? if they want a public club partner, we recommend azur. emily: if they start making their own data center equipment, what does that mean for hpe? meg: this is a dynamic industry. for a long time infrastructure was not in fashion but we see all kinds of people getting into the business. if that is what microsoft does, we will try to figure out how to have a relationship around cooperation-competition. we admire the company a lot, we will figure it out. emily: tech stocks have been on a tear since the election despite political uncertainty. what are the market dynamics that you see helping or hurting hpe? meg: it's a challenging global environment right now, there are some countries doing very well and then there is uncertainty in a number of countries, and uncertainty is not good for business. our strongest market in europe is germ

our stock has done really well since we had split off from hp inc. almost 18 months ago.en it comes to m&a, can dell play hardball better because they are private? meg: there are some advantages to being private but actually because their debt is publicly traded, we have a window into financials much in the same way as a financials public company. they don't get the scrutiny we do. we really like our hand. we have no debt on the company, in fact, we have $6 billion in net cash. we are more strategic. we are smaller, and we are nimbler. we have dry powder to make acquisitions, investments. we can turn on a dime now, which is a different strategy from dell. we are getting smaller, we are deleveraging, and we are leaning into new technology. everything software defined and they are doubling down on old technology and a cost take-out play. it is a different strategy. i like our hand. emily: when it comes to m&a, how reasonable are valuations right now? meg: they have become a lot more reasonable in the last six months. we have made an aquisition, almost one a month for the la