00:00Some big numbers. Congratulations. You must be pleased. But Jensen Wang talks about this five-layer cake of AI.
00:09I think we're trying to understand what vast data does, what it is. You know, you describe yourself as an
00:16AIOS, but let's start there. What do you do?
00:20Yeah, the five-layer cake, Jensen made this analogy of power, chips, infrastructure, models, and applications. We're that middle layer.
00:30We try to fill in that software infrastructure layer of the stack.
00:35And we started from storage, building very large data storage systems, and then we added structure data with a database
00:43and a data engine to manage compute.
00:47And as we progress, more and more parts of that stack need to be filled out for AI to become
00:55widespread.
00:55So here are some of the companies and groups that you work with, right? And there is all kinds of
01:01AI infrastructure, but NASA's on there as well. Pick any one. Give us a case study of the work that
01:07you might do with one of those key customers.
01:10So, for example, with CoreWeave, they're the biggest AI cloud out there, and they're the way for us to get
01:19to these new AI startups, companies like Cursor and a lot of others, as well as the large AI companies
01:27out there.
01:28They're serving everybody, and we're helping them, again, provide those cloud services by having that software infrastructure layer in place.
01:38The money, Renan. What is it that you need the money for, and why, potentially, do you need even more
01:44money? You're considering, potentially, an IPO by the end of this year.
01:49So we don't need the money, is the honest answer, in parallel to tripling the business roughly year over year.
01:56We've been very efficient in the way that we build the company. We've been generating quite a bit of cash.
02:02In fact, on the rule of 40, we have a rule of 228 as of last year.
02:08Wow.
02:09The funding round is partially primary, partially secondary, and we expect to continue to grow the business with a very,
02:19very strong balance sheet to give our customers confidence that they can make very large bets on us.
02:25A lot of American-focused customers that we just saw, but you have been going global, and it's interesting that
02:31you've taken funds from UAE, from Singapore.
02:34How are you seeing the global expansion of fast data?
02:38So wherever AI is, that's where we see very fast growth.
02:42It's been surprising at times. The Middle East, Singapore are places that are moving faster than some of your more
02:49traditional markets.
02:50Still, still the Middle East is running at this moment, where people perhaps question how much they can focus in
02:57on investing on AI, particularly in the UAE, when we're concerned about geopolitics and war.
03:03I think that's a temporary thing. Hopefully, we come out of the other end stronger and safer.
03:09Definitely, the last couple of months have been challenging, but if I look at five years out, ten years out,
03:16I still think the UAE can leapfrog over a lot of other countries.
03:20Dear Bloomberg Tech audience member, the rule of 40 is something that software companies do, where they think their revenue
03:25growth and their profit margin should combined be above 40%.
03:29But you know, Renan, the other type of company that talks about the rule of 40 is one that thinks
03:34about going public.
03:35Is that in your plans?
03:37We don't have a timeline. We've definitely been preparing.
03:41Amy, our CFO, she came about 18 months ago from Shopify, and she's been working very diligently to make us
03:50ready to be a public company.
03:53My best guess is that sometime later in this year, we will be ready for IPO, and then we'll need
04:02to decide if and when to pull that trigger.
04:04In your world generally, particularly the data layer of what's happening in AI, or Cursor, that was a nut story,
04:13SpaceX, the right to acquire Cursor.
04:15What do you think it is that the market's assigning value to?
04:19Like, what is it that they see in companies like yours and say, wow, yeah, this is worth the premium?
04:25So SpaceX, Cursor, amazing examples, XAI, all of which have been longstanding customers of ours.
04:33We love to see this type of consolidation happen when AI companies and AI teams work together to build even
04:41faster and even bigger things.
04:44And that's what we enable.
04:45Our system enables very, very large scale, very large capacity and ability to store vast amounts of information and give
04:54access to that information to the largest GPU clusters in the world.
04:58It allows our customers to organize their data, to make sense of it, to generate insight from it, and to
05:05build these new workloads in a way that could not be built before.
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