>> Narrator: From the SiliconANGLE Media office in Boston, Massachusetts, it's theCUBE. Now here's your host, Dave Vellante. >> Hello, everyone and welcome to this week's episode of theCUBE InsightsPpowered by ETR. In this Breaking Analysis, I want to do some explanation. For the past four months, I've been sharing data from a company called Enterprise Technology Research, ETR. I've worked with the SiliconANGLE team to create a pure editorial product that blends the ETR dataset with insights that we've gleaned from theCUBE. We've been getting great engagement and I've been getting some questions that I wanted to address in today's episode. Let me first say that as a long time industry analyst, I've always valued data-based opinions, so when I met the folks at ETR, I became really intrigued and I thought working with them might be a good way to share some really awesome survey data and then blend it with context from theCUBE's huge observation space where we do, you know, 100 shows per year. Today I want to cover six things. The first thing I want to do is answer the question that I get most often which is who the heck are these guys? And I think it's really important to understand how and where ETR gets its data so I want to spend a little time on their methodology and dig into that a bit. And then next, I want to talk about this thing called net score. I refer to net score all the time. It's one of my favorite metrics and I'll show some examples and explain what it means and how I use it and I'll use real and current data on containers, VMware, I got some data on Oracle, AWS and HPE who just announced its earning. So there's actually content in this episode. It's not just a tutorial so stick with me here. And then I want to talk about the term market share and what that means in the parlance of ETR. I'm often asked what is the relationship between ETR and theCUBE so I obviously want to address that and if that doesn't answer all your questions, I can give you some ways to get more information. So first, who is ETR? Well ETR is a research company. Actually, it's a platform or a product that was built by a company called Aptiviti. The key advantage is they do primary market research, first party data, and they have a community of survey respondents that give them spending intentions data and they survey this base on a fairly regular basis. Currently, there are about 4,500 buyers in this survey base and in my experience, each quarter, about 1,000 or so respond to their requests for spending data. This group collectively represents nearly a trillion dollars in annual IT spending on enterprise tech and you can see here there's a nice mix of C-level execs, VPs, IT Management, but the respondents, they like to participate because those that do, well, they get access to the data in exchange for their information. Now there's no incentive for them to exaggerate their spending intentions. I mean it's not like, remember the old days of computer pubs where if you spend over a threshold, you get a free magazine? This is legit spending data, spending patterns that ETR vets with historical data. They also pay close attention to the income statements of public companies, attune their data and forecasts in a way that I'll address later and you can also see here that the data is global and it comprises a very strong mix of large organizations across virtually all industries and geographies. I mean it's North America heavy, but they've got representation all over the world and these guys have been at it for 10 years and they're serious data geeks. They have a team of stats folk, aka data scientists in today's terms who do some really cool things with the data like using regression analysis to compare their spending data with Wall Street consensus. Now they primarily, ETR serves Wall Street customers who are trying to gain an advantage, you know, ahead of earnings news coming out and they want to squint through the noise which is kind of what I'm trying to do here. ETR's founder, his name is Thomas Delvecchio and he's essentially created a survey panel on steroids. You know, when I worked at IDC, our Holy Grail was to create a panel and use it to track spending data. We never got there. It was too hard so what we did was we did spot surveys on hot topics like you know, data duplication last decade, to see where all the action was and then periodically, we do broader spending intention surveys. You know, but they weren't conducted on a formal quarterly cadence and what Delvecchio did is he flipped this model on its head. What I mean by that is ETR does regular quarterly broad-based spending surveys and then periodically, they drill down into the hot areas. The great thing about this model from my perspective is that you can run the analytics and do time series across the data. It's a way, way more powerful approach. Now there are other panels out there that you can tap into, but ETR's built a platform on top of what in my opinion is the best spending intentions data that I've ever seen and they've got a really nice SaaS product that allows me to cut the data by size of company, geography, market segment and I can answer questions like are containers killing VMware? And I can answer that question by slicing and dicing the data rather than having to field a completely separate survey. So what I want to do here is I want to take that example and drill into a key TR, key ETR metric that I use a lot which is called net score. Now net score represents the intensity of spend for a company. Higher net scores indicate a positive spend trajectory, and a lower net score indicates a flat or negative spend trajectory. So what I'm showing here is a cut from the ETR dataset and what I'm actually doing to answer that question that I just proposed, look at, so you see number one in the red, I'm filtering the ETR data by container platforms. So this is organizations that are spending on containers and you can see the number two there, the N is 541 organizations spending on containers and then number three, I cut the sample by VMware mentions. So out of the folks answering the survey for a given period, I want to isolate on those doing business with VMware and evaluate their spending. Notice number four, which is the net score. That's what I want you to focus on. Net score's a measure of spending momentum, as I said. So specifically for each ETR survey, ETR asks about spending. Are you adopting the platform as new? Are you spending more, spending the same or spending less? Or are you leaving the platform? And they essentially subtract the spending less from the spending more and calculate a net score and you can see in number five, the net score's over time and I superimpose these numbers with shared accounts that are mentioning VMware. Now remember, ETR allows for multiple responses of various VMware solutions so again, there are multiple responses in that shared end, but you can see that VMware's net score has hailed up around 33-34% over you know, a two-year period. So there's zero evidence that containers are hurting VMware today in this data. Now prior to 2018, by the way, I kind of ignore those spikes because the shared end is too low. It's like 12 mentions, but the rising number of shared accounts over time is yet another clear indicator of adoption between those container costumers and VMware spend. Now I can cut this by size of company, industry, a zillion different ways, but this is everyone in the dataset for the October survey. What I want to do now is take a look at what ETR calls market share. Market share in ETR language is a measure of pervasiveness. So they calculate this by taking the number of mentions of a vendor within a sector, they exclude replacements and they divide by the number of respondents within that sector. So what I'm showing here is an example using market share data for analytic databases. So focus on number one which takes the entire sample from the October survey and then number two and an N of 1,336 respondents. So we choose in number three, the data warehousing software segment and then select from the pull down AWS Redshift and compare that with Oracle within that sector. So you can see in the last two years that AWS has rapidly gained share. You can see in number four that the net scores where AWS has a way stronger spending momentum with 62% and negative 3% for Oracle. What I love about this dataset is the ease with which I can either call BS or validate a vendor's claim and get ahead of the market by combining the data that we collect on theCUBE and that we hear all the time with the ETR survey data. And remember, in last week's Breaking Analysis, I put up a view showing Snowflake which claims it continues to do well despite its apparent overlap with AWS Redshift and as you may recall, the ETR data clearly confirmed that Snowflake was thriving along with Redshift and eating away at Teradata's business. So it confirms their narrative. Let me share another example of how I use ETR market share. HPE just reported earnings yesterday and it missed its revenue targets and here's a chart that HPE presented as part of its earning package. Now at the highest level, HPE reports revenue across three major lines: intelligent edge, hybrid IT and financial services. Not picking on HPE, but you know, I can make this argument with pretty much any legacy computer company or any hardware company and now the narrative from these companies is we're investing in the new hot areas like edge and the world is hybrid and that's our opportunity and we are uniquely positioned and we see lots of repatriation from the cloud where people have moved to the cloud but have sort of cloud regrets and now are moving back to us. You hear this all the time from execs at these companies, but you sure don't see it in numbers. Look at the growth rate year over year in HPE's business. Edge and Hybrid IT are both shrinking in this example. Even when you adjust for currency and take out what HPE refers to as tier one sales to the big hyperscalers which is a business that HPE exited last year. Meanwhile, when you watch and you're looking at AWS and Azure numbers, they're growing at 35% for AWS, 59% year over year for Azure last quarter. Now the HPE narrative is we're focusing on margins and exiting low-value businesses and to be fair, that's true and it shows up in HPE's gross margins and operating profit and free cash flow. But I have an addition to the narrative: which is the cloud is eating away at that business and while repatriation most certainly happens, it's a figure that's not showing up on the income statement. So I look at the ETR data to answer the question how is the cloud impacting HPE's market share? So here's what I do. To answer that question, I filter the data, that I'm showing on this chart, and I select the cloud computing filter in the upper left from the pull down. I do a second filter right below, pulling down and selecting AWS, Azure and Google Cloud Platform. So there's 818 respondents in the ETR October survey that fit that criteria, cloud spenders, and then I click on the market share radio button and pull data in from January 2010 to the October '19 survey. In the October 2019 survey, you can see that the shared end shows 495 respondents that are also spending on HPE. So nearly 500 HPE responses within 800 cloud accounts. Look at the story. Like many, HPE came out of the downturn with a pent up demand. It announced the public cloud in 2011 which froze the market a little bit and by late 2014, the market clearly understood that that offering was a fail and HP exited the business in 2015 and you can see how the cloud is eating away at spending on HPE's products and you can see the net score of 10.9% in the red underscoring the headwinds that HPE is facing. Now of course, Antonio Neri, who's HP's CEO, he's doing what he has to do: cutting costs, focusing on higher margin opportunities, adopting an Azure service model, doing stock buy backs, but as I like to say, the data does not lie. Now where it really gets mind-blowing is when ETR runs regression models using Wall Street's estimates for a public company as an outcome variable and test that against the covariates and independent variables in its dataset. Now these act as predictors so not only using the data that tell the story of what happened in the past, but using it as a forecasting tool. Okay, so that's most of what I wanted to share with you today. There's a lot more, but let's leave it there for now. I want to address a relationship between theCUBE and ETR. We're essentially just friendlies. We currently have no commercial relationship. There's no money exchanging hands. There's no other incentives other than we're birds of a feather, so to speak. They give me access to their data and I use it weekly in these Breaking Analysis segments and we co-brand the content, theCUBE Insights Powered by ETR. So it's a beautiful fit between what we learn in theCUBE and this awesome dataset. Look, if you find this stuff useful, I encourage you, reach out to ETR. Their website is ETR.plus or just Google Enterprise Technology Research or you can hit me up on LinkedIn or Twitter. I'm @dvellante and I'd be happy to put you in touch. This is Dave Vellante signing out from this episode of Cube Insights Powered by ETR. Thanks for watching, everybody, and we'll see you next time. (upbeat music)

>> From the SiliconANGLE Media office in Boston, Massachusetts, it's theCUBE. Now, here's your host, Dave Vellante. (dramatic music) >> Hi, everyone, welcome to this week's Breaking Analysis. It's Friday, October 18th, and this is theCUBE Insights, powered by ETR. Today, ETR had its conference call, its webcast. It was in a quiet period, and it dropped this tome. I have spent the last several hours going through this dataset. It's just unbelievable. It's the fresh data from the October survey, and I'm going to share just some highlights with you. I wish I had a couple hours to go through all this stuff, but I'm going to just pull out some of the key points. Spending is flattening. We've talked about this in previous discussions with you. But, things are still healthy. We're just reverting back to pre 2018 levels and, obviously, keeping a very close eye on the spending data and the sectors. There is some uncertainty heading into Q four. It's not only tariffs, you know. 2020's an election year, so that causes some uncertainty and some concerns for people. But, the big theme from ETR is there's less experimentation going on. The last several years have been ones where we're pushing out digital initiatives, and there was a lot of experimentation, a lot of redundancy. So, I'm going to talk more about that. I'm going to focus on a couple of sectors. I'm going to share with you there's the overall sector analysis. Then, I'm going to focus in on Microsoft and AWS and talk a little bit about the cloud. Then, I'm going to give some other highlights and, particularly, around enterprise software. The other thing I'll say is that the folks from ETR are going to be in the Bay Area on October 28th through the 30th, and I would encourage you to spend some time with them. If you want to meet them, just, you know, contact me @dvellante on Twitter or David.Vellante@siliconangle.com. I have no dog in this fight. I get no money from these guys. We're just partners and friends, but I love their data. And, they've given me access to it, and it's great because I can share it with you, our community. So, let's get right into it. Alex, if you just bring up the first slide, what I want to show is the ETR pulse check survey demographics, so every quarter, ETR does these surveys. They've got a dataset comprising 4500 members, panelists if you will, that they survey each quarter. In this survey, 1336 responded, representing 457 billion in spending power, and you can see from this slide, you know, it's got a nice mix of large companies. Very heavily weighted toward North America, but you're talking about, you know, 12% AMIA out of 1300. Certainly substantial and statistically significant to get some trends overseas. You can see across all industries. And then, job titles, a lot of C level executives, VPs, architects, people who know what the spending climate looks like, so I really like the mix of data. Let me make some overall comments, and, Alex, the next slide sort of gives some snapshot here. The big theme is that there's a compression in tech spending, as they say. It's very tough to compare to compare to 2018, which was just a phenomenal year. I mentioned the tariffs. It was an election year. Election years bring uncertainty. Uncertainty brings conservatism, so that's something, obviously, that's weighing, I think, on buyers' minds. And, I'll give you some anecdotal comments in a moment that will underscore that. There's less redundancy in spending. This has been a theme of ETR's for quite some time now. The last few years have been a try everything type of mode. Digital initiatives were launched, let's say, starting in 2016. ETR called this, I love this, Tom DelVecchio, the CEO of ETR, called it a giant IT bake off where you were looking at, okay, cloud versus on prem or SaaS versus conventional models, new databases versus legacy databases, legacy storage versus sort of modern storage stacks. So, you had this big bake off going on. And, what's happening now is you're seeing less experimentation so less adoption of new technologies, and replacements are on the rise. So, people are making their bets. They're saying, "Okay, these technologies "are the ones we're going to bet on, "these emerging disruptive technologies." So, they're narrowing their scope of emerging technologies, and they're saying, "Okay, now, "we're going to replace the legacy stuff." So, you're seeing these new stacks emerging. I mentioned some others before, but things like cloud native versus legacy waterfall approaches. And, these new stacks are hitting both legacy and disruptive companies for the reasons that I mentioned before because we're replacing legacy, but at the same time, we're narrowing the scope of the new stuff. This is not necessarily good for the disruptors. Downturns, sometimes, are good for legacy because they're perceived as a safer bet. So, what I want to do, right now, is share with you some of the anecdotals from the survey, and I'll just, you know, call out some things. By the way, the first thing I would note is, you know, ETR did sort of an analysis of frequency of terms. Cloud, cost, replacing, change, moving, consolidation, migration, and contract were the big ones that stood out. But, let me just call a couple of the anecdotals. When they do these surveys, they'll ask open ended questions, and so these kind of give you a good idea as to how people are thinking. "We're projecting a hold based on impacts from tariffs. "Situation could change if tariff relief is reached. "We're really concerned about EU." Another one, "Shift to SaaS is accelerating "and driving TCO down. "Investing in 2019, we're implementing "and retiring old technologies in 2020. "There's an active effort to consolidate "the number of security vendor solutions. "We're doing more Microsoft." Let's see, "We have moved "to a completely outsourced infrastructure model, "so no longer purchasing storage," interesting. "In general, we're trying to reduce spending "based on current market conditions." So, people, again, are concerned. Storage, as a category, is way down. "We're moving from Teradata to AWS and a data lake." I'll make some comments, as well, later on about EDW and Snowflake in particular, who, you know, remains very healthy. "We're moving our data to G Suite and AWS. "We're migrating our SaaS offering to elastic. "We're sunsetting Cognos," which, of course, is owned by IBM. "Talend, we decided to drop after evaluating. "Tableau, we've decided to not integrate anymore," even though Tableau is, actually, looking very strong subsequent to the sales force acquisition. So, there's some comments there that people, again, are replacing and they're narrowing some of their focus on spending. All right, Alex, bring up the next slide. I want to share with you the sector momentum. So, we've talked about this methodology of net score. Every time ETR does one of these pulse surveys, they ask, "Are you spending more or are you spending less? "Or, are you spending the same?" And then, essentially, they subtract the spending less from the spending more, and the spending more included new adoptions. The spending less includes replacements. And, that comes out with a net score, and that net score is an indicator of momentum. And, what you can see here is, the momentum I've highlighted in red, is container orchestration, the container platforms, machine learning, AI, automation, big theme. We were just at the UiPath conference, huge theme on automation. And, of course, robotic process automation, RPA. Cloud computing remains very strong. This dotted red line that I put in there, that's at the, you know, 30%, 35% level. You kind of want to be above that line to really show momentum. Anything below that line is either holding serve, holding steady, but well below that line, when you start getting into the low 20s and the teens, is a red zone. That's a danger zone. You could see data warehouse software is kind of on that cusp. and I'm not, you know, a huge fan of the sector in general, but I love Snowflake and what they're doing and the share gains that are going on there. So, when you're below that red line, it's a game of share gain. Storage, same thing we've talked about. The overall storage sector is down. It's being pressured by cloud, as that anectdotal suggested. It's also being pressured by the fact that so much flash has been injected into the data center over the last couple of years. That given headroom for buyers. They don't need as much storage, so overall, the sector is soft. But then, you see companies, like Pure, continuing to gain share, so they're actually quite strong in this quarter survey. So, you could see some various sectors here. IT consulting and outsourced IT not looking strong, data center consolidation. By the way, you saw, in IBM's recent earnings, Jim Kavanaugh pointed to their outsourcing business as a real drag, you know. Some of these other sectors, you could see, actually, PC laptop, this is obviously a big impact for Dell and HP, you know, kind of holding steady. Actually, better than storage, so, you know, for that large of a segment, not necessarily such a bad thing. Okay, now, what I want to do, I want to shift focus and make some comments on Microsoft, specifically, and AWS. So, here's just some high level points on this slide on Microsoft. The N out of that total was 1200, so very large proportion of the survey is weighted toward Microsoft. So, a good observation space for Microsoft. Extremely positive spending outlook for this company. There's a lot of ways to get to Microsoft. You want cloud, there's Azure, you know. Visualization, you got Power BI. Collaboration, there's Teams. Of course, email and calendaring is Office 365. You need hiring data? Well, we just bought LinkedIn. CRM, ERP, there's Microsoft Dynamics. So, Microsoft is a lot of roads, to spend with Microsoft. Windows is not the future of Microsoft. Satya Nadella and company have done a great job of sort of getting out of that dogma and really expanding their TAM. You're seeing acceleration from Microsoft across all key sectors, cloud, apps, containers, MI, or machine intelligence, AI and ML, analytics, infrastructure software, data warehousing, servers, GitHub is strong, collaboration, as I mentioned. So, really, across the board, this portfolio of offerings powered by the scale of Azure is very strong. Microsoft has great velocity in the cloud, and it's a key bellwether. Now, the next slide, what it does is compares the cloud computing big three in the US, Azure, AWS, and GCP, Google Cloud Platform. This is, again, net score. This is infrastructure as a service, and so you can see here the yellow is Microsoft, that darker line is AWS, and GCP is that blue line down below. All three are actually showing great strength in the spending data. Azure has more momentum than AWS, so it's growing faster. We've seen this for a while, but I want to make a point here that didn't come up on the ETR call. But, AWS is probably two and a half to three times larger in infrastructure as a service than is Microsoft Azure, so remember, AWS has a $35 billion at least run rate business in infrastructure as a service. And, as I say, it's two and a half to three times, at least, larger than Microsoft, which is probably a run rate of, let's call it, 10 to 12 billion, okay. So, it's quite amazing that AWS is holding at that 66 to now dropping to 63% net score given that it's so large. And, of course, way behind is GCP, much smaller share. In fact, I think, probably, Alibaba has surpassed GCP in terms of overall market share. So, at any rate, you could see all three, strong momentum. The cloud continues its march. I'll make some comments on that a little bit later. But, Azure has really strong momentum. Let's talk, next slide if you will, Alex, about AWS. Smaller sample size, 731 out of the total, which is not surprising, right. Microsoft's been around a lot longer and plays in a lot more sectors. ETR has a positive to neutral outlook on AWS. Now, you have to be careful here because, remember, what ETR is doing is they're looking at the spending momentum and comparing that to consensus estimates, okay. So, ETR's business is helping, largely, Wall Street, you know, buy side analysts make bets, and so it's not only about how much money they make or what kind of momentum they have in aggregate. It's about how they're doing relative to expectation, something that I explained on the last Breaking Analysis. Spending on AWS continues to be very robust. They've got that flywheel effect. Make no mistake that this positive to neutral outlook is relative to expectations. Relative to overall market, AWS is, you know, kicking butt. Cloud, analytics, big data, data warehousing, containers, machine intelligence, even virtualization. AWS is growing and gaining share. My view, AWS will continue to outperform the marketplace for quite some time now, and it's gaining share from legacy players. Who's it hurting? You're seeing the companies within AWS's sort of sphere that are getting impacted by AWS. Oracle, IBM, SAP, you know, cloud Arrow, which we mentioned last time is at all time lows, Teradata. These accounts, inside of AWS respondents, are losing share. Now, who's gaining share? Snowflake is on a tear. Mongo is very strong. Microsoft, interestingly, remains strong in AWS. In fact, AWS runs a lot of Microsoft workloads. That's, you know, fairly well known. But, again, Snowflake, very strong inside of AWS accounts. There's no indication that, despite AWS's emphasis on database and, of course, data warehouse, that Snowflake's being impacted by that. The reverse, Snowflake is taking advantage of cloud momentum. The only real negative you can say about AWS is that Microsoft is accelerating faster than AWS, so that might upset Andy Jassy. But, he'll point out, I guess, what I pointed out before, that they're much larger. Take a look at AWS on this next slide. The net score across all AWS sectors, the ones I mentioned. And, this is the growth in Fortune 500, so you can see, very steady in the large accounts. That's that blue line, you know, dipped in the October 18 survey, but look at how strong it is, holding 67% in Fortune 500 accounts. And then, you can see, the yellow line is the market share. AWS continues to gain share in those large accounts when you weight that out in terms of spending. That's why I say AWS is going to continue to do very well in this overall market. So, just some, you know, comments on cloud. As I said, it continues to march, it continues to really be the watchword, the fundamental operating model. Microsoft, very strong, expanding its TAM everywhere, I mean, affecting, potentially, Slack, Box, Dropbox, New Relic, Splunk, IBM, and Security, Elastic. So, Microsoft, very strong here. AWS continues to grow, not as strong as '18, but much stronger than its peers, very well positioned in database and artificial intelligence. And so, not a lot of softness in AWS. I mentioned on one of the previous Breaking Analysis, Kubernetes', actually, container's a little soft, so we always keep an eye on that one. And, Google, again, struggling to make gains in cloud. One of the comments I made before is that the long term surveys for Google looked positive, but that's not showing up yet in the near term market shares. All right, Alex, if you want to bring up the next slide, I want to make some quick comments before I close, on enterprise software. There was a big workday scare this week. They kind of guided that their core HR business was not going to be as robust as it had been previously, so this pulled back all the SaaS vendors. And, you know, the stock got crushed, Salesforce got hit, ServiceNow got hit, Splunk got hit. But, I tell you, you look at the data in this massive dataset, ServiceNow remains strong, Salesforce looks, very slight deceleration, but very sound, especially in the Fortune 100 in that GPP, the giant public and private companies that I talked about on an earlier call. That's one of the best indicators of strength. Tableau, actually, very strong, especially in large accounts, so Salesforce seems to be doing a good job of integrating there. Splunk, (mumbles) coming up shortly, I think this month. Securities, the category is very strong, lifting all ships. Splunk looks really good. Despite some of the possible competition from Microsoft, there's no indication that Splunk is slowing. There's some anecdotal issues about pricing that I talked about before, but I think Splunk is really dealing with those. UiPath's another company. We were just out there this past week at the UiPath Forward conference. UiPath, in this dataset, when you take out some of the smaller respondents, smaller number of respondents, UiPath has one of the highest net scores in the entire sample. UiPath is on a tear. I talked to dozens of customers this week. Very strong momentum, and then moving into, got new areas, and I'll be focusing on the RPA sector a little later on. But, automation, in general, really has some tailwinds in the marketplace. And, you know, the other comment I'll make about RPA is a downturn actually could help RPA vendors, who, by the way, all the RPA vendors look strong. Automation Anywhere, UiPath, I mentioned, Blue Prism, you know, even some of the legacy companies like Pega look, actually, very strong. A downturn in the economy could help some of the RPA vendors because would be looking to do more with less, and automation, you know, could be something that they're looking toward. Snowflake I mentioned, again, they continue their tear. A very strong share in expansion. Slightly lower than previous quarters in terms of the spending momentum, but the previous quarters were off the charts. So, also very strong in large companies. All right, so let me wrap. So, buyers are planning for a slowdown. I mean, there's no doubt about that. It's something that we have to pay very close attention to, and I think the marker expects that. And, I think, you know, it's okay. There's less spaghetti against the wall, we're going to try everything, and that's having a moderating effect on spending, as is the less redundancy. People were running systems in parallel. As they say, they're placing bets, now, on both disruptive tech and on legacy tech, so they're replacing both in some cases. Or, they're not investing in some of the disruptive stuff because they're narrowing their investments in disruptive technologies, and they're also replacing some legacy. We're clearly seeing new adoptions down, according to ETR, and replacements up, and that's going to affect both legacy and disruptive vendors. So, caution is the watchword, but, overall, the market remains healthy. Okay, so thanks for watching. This is Dave Vellante for CUBE Insights, powered by ETR. Thanks for watching this Breaking Analysis. We'll see you next time. (dramatic music)