Fresh off Microsoft’s new agreement with OpenAI —in which the artificial intelligence company agreed to buy $250 billion of cloud services from the enterprise software company’s Azure unit—Microsoft president and vice chair Brad Smith, perhaps unsurprisingly, is bullish about the long-term future of AI. But he did inject one brief note of caution in a conversation with Fortune at Web Summit in Lisbon on Tuesday.

“I obviously can’t speak about every other agreement in the AI sector. We’re focused on being disciplined but being ambitious. And I think it’s the right combination,” he said.

“Everybody’s going to have to be thoughtful and disciplined. Everybody’s going to have to be ambitious but grounded. I think that a lot of these companies are [doing that].”

“We feel good about where

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