00:00For us, it's a massive market.
00:02We see, in particular, Europe is our in-call market,
00:07and the strength of Europe is in its high-end manufacturing.
00:15So the manufacturing world is the 30 trillion market.
00:18If you think of the up-list that AI can bring to it,
00:22if you only look at 10% of that, you're looking at the 3 trillion market,
00:26and that's happening in the next five years.
00:28But you also need to have models that deeply understand the physics of the world,
00:32that deeply understand how real objects are functioning,
00:35and that deeply understand how to control those objects.
00:39So you have a design problem where you want to understand the fleet dynamics
00:45when you're doing plane design, for instance,
00:48but you also have an operational problem
00:50when you're trying to optimize your process for your factories.
00:52So the total addressable market of that is in the trillions,
00:58and you need a unique combination of skills.
01:00So coming from artificial intelligence, but also coming from the domain itself.
01:05And those are the skills that we are gathering together today,
01:09and that we are going to continue to invest in.
01:12And this is also, Mr. Al, going full stack.
01:14So you're going to have data centers, you're going to have the models,
01:17you're going to have the applications, you've got the forward deployed engineers.
01:20What is the strategy behind going full stack?
01:22In order to provide business continuity to our customers,
01:25we need somehow to host the systems in a way where we can guarantee that whatever happens,
01:32we are going to keep the switch buttons under our control,
01:37and it's a button that we can put under the control of our customers.
01:40So that has naturally brought us to expand toward infrastructure,
01:46in that our business is to transform intelligence into tokens, really.
01:51We take electrons, and we transform them into intelligence.
01:56And in order to do that, we need the models, which is the thing we started with.
01:59We need the forward deployment engineering,
02:01because you need to understand the problems you want to solve.
02:04But at the end of the day, you need to host the model in a place that you can control,
02:07in a place that we can put the control under our customers.
02:11And so that brought us to create capacity.
02:14We're announcing today a new site in Les Udys, in France,
02:18and that is part of our roadmap to build 200 megawatts by the end of 2027,
02:22and a gigawatt by the end of 2029.
02:24Arthur, I think of data centers, I think of infrastructure, and I think of CapEx.
02:29How much is this going to be costing you,
02:31and does it push out further into the future your targets around profitability?
02:38This is effectively CapEx.
02:39So we're talking about billions in CapEx.
02:42Basically, 100 megawatts cost you around 5 billion in CapEx plus OPEX over 5 years.
02:47So that's the kind of scale that we are dealing with all the way to 2027.
02:51So that's around 10 billion.
02:53Is it pushing profitability?
02:55No, I would say that our business is, we're continuing to invest.
02:59And so we're, of course, fronting some CapEx investments,
03:04some people investment as well.
03:06But what we see is that the value creation that we're bringing to customers
03:10is really worth the investments.
03:12Is Mr. L still on track for, what is it?
03:16We're looking at a billion dollars of annual recurring revenue this year.
03:20Is that target still achievable?
03:22We're still on track, absolutely.
03:24We intend to beat it.
03:26You intend to beat it, but by a significant amount?
03:31Well, I would say a billion, we're still announcing a billion by the end of this year.
03:38And so that's driven by all of the growth that we see on the software and on the solution side
03:43going for the mission critical workloads of our customers.
03:46And also driven by the infrastructure deployment that we're doing.
03:48And should we assume that with those acquisitions, with that cloud build out,
03:52the data center build out, that you will be fundraising again this year?
03:55We do not need to, but we're starting to see a lot of demand.
03:59So that's definitely a possibility.
04:02So it sounds like fundraising this year is likely, additional fundraising this year.
04:07I would say it's as likely as it is not, yes.
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