Nebius Group NV (NBIS) 2024 Q3 法說會逐字稿

Hello, everyone and welcome to the NEBIUS group third quarter, 2024 earnings call. Our first results call since we are back to NASDAQ. My name is Ye Bauma and I represent the investor relations team.

大家好，歡迎參加 NEBIUS 集團 2024 年第三季財報電話會議。這是我們重返納斯達克以來的第一次業績電話會議。我叫 Ye Bauma，代表投資人關係團隊。

You can find our earnings release published on our IR website earlier today.

您可以在今天早些時候在我們的 IR 網站上找到我們發布的收益報告。

Now let me quickly walk you through the safe Harbor statement.

現在讓我快速向大家介紹安全港聲明。

Lari's remarks that we make during the call regarding our financial performance and operations may be considered forward-looking and such statements involve a number of risks and uncertainties that could cause actual results to differ materially.

拉里在電話會議上就我們的財務表現和營運情況所做的發言可能被視為前瞻性的，此類陳述涉及許多風險和不確定性，可能導致實際結果大不相同。

For more information, please refer to risk factors section on our most recent annual report on form 20 F filed with the SEC.

欲了解更多信息，請參閱我們向美國證券交易委員會提交的最新 20F 表格年度報告中的風險因素部分。

You can find full forward-looking statement in our press release during the call. We'll be referring to certain Nongaap financial measures. You can find a reconciliation of nongaap to GAAP measures in the earnings release we published today with that. Let me turn the call over to our host, Tom Blackwell, our Chief Communications Officer.

您可以在通話期間的新聞稿中找到完整的前瞻性聲明。我們將參考某些非公認會計準則 (Nongaap) 財務指標。您可以在我們今天發布的收益報告中找到非公認會計準則與公認會計準則指標的對帳表。讓我把電話轉給我們的主持人、首席通訊官湯姆·布萊克威爾 (Tom Blackwell)。

Thanks very much Julia and hello to everyone. So let me quickly introduce our other speakers that we have on the line today. So I'm pleased to have here with me in San Francisco this morning, our CEO KDI Wlo and Chief Business Officer, Roman Chin.

非常感謝 Julia，大家好。那麼，讓我快速介紹一下今天在線的其他演講者。因此，我很高興今天上午在舊金山與我們的執行長 KDI Wlo 和首席商務官 Roman Chin 一起會面。

And also joining us from our office in Amsterdam. We have Oen Ave, our COO Andre Karelian, our Chief product and Infrastructure officer and our CFO Ron Jacobs.

並且也從我們位於阿姆斯特丹的辦公室加入我們。我們有 Oen Ave、我們的營運長 Andre Karelian、我們的首席產品和基礎設施長以及我們的財務長 Ron Jacobs。

So you'll probably see, we put out quite a lot of material on our business a couple of weeks ago ahead of the resumption of trading on NASDAQ. And you've hopefully had a chance to have a quick look at our Q3 results released this morning. So some of you have actually already sent your questions for which. Thank you and for those who haven't, you can submit any further questions via the special Q&A tab below at any point during our call and we'll get to them. So my suggestion is that we keep our opening remarks relatively brief to make sure we have plenty of time for Q&A. And so on that note, let me hand straight over to Arkady.

所以你可能會看到，我們在幾週前納斯達克恢復交易之前發布了大量有關我們業務的資料。希望您有機會快速瀏覽我們今天早上發布的第三季業績。因此，你們中的一些人實際上已經發送了你們的問題。謝謝您，如果您還沒有提出任何問題，您可以在通話過程中隨時透過下面的特殊問答標籤提交您的問題，我們會進行解答。因此，我的建議是，我們的開場白盡量簡短，以確保我們有足夠的時間進行問答。關於這一點，讓我直接交給阿爾卡季 (Arkady)。

Thank you, Tom and welcome everyone. I'm very excited to be having this first earning call since our assumption of trading on NASDAQ almost two weeks ago.

謝謝你，湯姆，歡迎大家。我很高興能召開自兩週前我們在納斯達克上市以來的首次財報電話會議。

Let me briefly highlight our key points to set the scene for today's today's discussion.

讓我簡單介紹一下我們的重點，為今天的討論做鋪墊。

Our ambition is to build one of the world's largest A I infrastructure companies.

我們的目標是打造世界上最大的人工智慧基礎設施公司之一。

This entails building data centers, providing A I compute infrastructure and a wide range of valued services to the global A I industry.

這需要建造資料中心，為全球人工智慧產業提供人工智慧運算基礎設施和廣泛的有價值的服務。

We have a proven track record with significant expertise in running data centers with hundreds of megawatts power loads. So we know what we're doing here.

我們在運行數百兆瓦電力負載的資料中心方面擁有豐富的專業知識和良好的業績記錄。所以我們知道我們在這裡做什麼。

We already pushing full steam ahead.

我們已經全速前進。

We secure, securing plots for new data centers, ensuring we have stable power supplies, confirming orders for the latest GP US while also launching new software and other evaluated services addressing the news and the needs of the A I industry.

我們確保新資料中心的土地安全，確保我們擁有穩定的電力供應，確認最新 GP US 的訂單，同時推出新軟體和其他評估服務，以滿足人工智慧產業的新聞和需求。

In short, we're working hard to rapidly put in place the infrastructure that will underpin our future success.

簡而言之，我們正在努力快速建立支撐我們未來成功的基礎設施。

Let me turn briefly to today's financial and operating results before we go to Q&A first. I will start with our core infrastructure business.

在我們進入問答環節之前，讓我先簡單介紹一下今天的財務和營運成果。我將從我們的核心基礎設施業務開始。

As you can see, we're growing rapidly revenue grew five sorry revenue grew 2.7 times compared to the previous quarter.

正如您所看到的，我們的收入正在快速增長，與上一季相比，收入增長了 5 倍，增長了 2.7 倍。

We have a strong cashpoint position, cash and cash equivalents as of September 30th stood at around $2.3 billion.

我們擁有強大的自動櫃員機地位，截至 9 月 30 日的現金和現金等價物約為 23 億美元。

Capital expenditures totaled around $400 for the first nine months of 2024. And looking forward, we anticipate capital expenditures in the fourth quarter to exceed this amount as we plan to accelerate investments in GP U procurement and data center capacity expansion.

2024 年前九個月的資本支出總額約為 400 美元。展望未來，我們預計第四季度的資本支出將超過這筆金額，因為我們計劃加快對 GP U 採購和資料中心容量擴展的投資。

This includes tripling capacity of our existing data center in Finland. We also recently announced a new location, data center facility in Paris with more to come and be announced very soon.

這包括將我們在芬蘭的現有資料中心的容量增加兩倍。我們最近也宣布了位於巴黎的新地點和資料中心設施，更多消息即將公佈。

We expect to have deployed more than 20,000 GP US by the end of this year.

我們預計到今年年底將部署超過 20,000 個 GP US。

But really, we're just warming up as you understand.

但實際上，正如你所理解的，我們只是在熱身。

Well, our financial performance has been strong and what's even more important at this stage is what we have been doing on the product side.

嗯，我們的財務表現一直很強勁，現階段更重要的是我們在產品方面所做的努力。

In the last quarter, we introduced a number of strategic product developments. For example, we launched the first cloud computing platform built from scratch specifically for the age. We, this platform offers increased flexibility and performance and will help us to expand further our customer base.

上個季度，我們推出了多項策略性產品開發。例如，我們推出了第一個專門為這個時代從零開始建構的雲端運算平台。我們認為，該平台提供了更高的靈活性和性能，並將幫助我們進一步擴大客戶群。

This model assumes selling GPU by GPU time by hours and now customers can buy both managed services and C service. With the latest H200 GPUS, we also launched our Neighbor's a studio, a high performance cost efficient self service insurance platform for users of foundational models and A I application developers.

該模型假設以 GPU 時間（按小時）出售 GPU，現在客戶可以同時購買託管服務和 C 服務。借助最新的 H200 GPU，我們還推出了鄰居工作室，這是一個面向基礎模型用戶和 AI 應用程式開發人員的高效能、高成本效率的自助保險平台。

This allows businesses of all sizes, big and small to use generative A I quickly and easily.

這使得各種規模的企業，無論大小，都可以快速輕鬆地使用生成性人工智慧。

Here we provide the full stack solution and use another business model. We sell access to gene A models by tokens outside of our core infrastructure business. Our other businesses also performed well.

這裡我們提供全端解決方案並使用另一種商業模式。我們在核心基礎設施業務之外以代幣形式出售基因 A 模型的使用權。我們的其他業務也表現良好。

Teleca offers solutions that provide high quality expert data at scale for the general industry and they grew revenue around four times a year over year is one of the most experienced teams developing autonomous driving technology, both for self driving cars and delivery robots. Earlier this month announced a multiyear strategic partnership with Uber in the US.

Teleca 提供的解決方案可為一般產業提供大規模的高品質專家數據，其收入年增約四倍，是開發自動駕駛技術最有經驗的團隊之一，包括自動駕駛汽車和送貨機器人。本月稍早宣布與美國 Uber 建立多年戰略合作夥伴關係。

And we also just rolled out our new generation of delivery robots offering improved energy efficiency, efficiency and ability.

我們也剛推出了新一代送貨機器人，其能源效率、效率和能力都有所提升。

Triple 10 is a leading educational technology player in the last quarter. They increased three times a year over year in number of students enrolled in Inba camp across the key markets US and Latin America.

Triple 10 是上個季度領先的教育科技公司。在主要市場美國和拉丁美洲，參加印巴夏令營的學生人數比去年同期增加了三倍。

In summary, we have been busy developing strong results, but this is just the start of our journey. The big opportunities are still to come. And with that, let me wrap up and head back, head back to over to Tom for the Q&A.

總而言之，我們一直在忙於取得優異的成果，但這只是我們旅程的開始。巨大的機會仍未到來。好了，現在讓我結束討論，然後回到湯姆的問答環節。

Thank you very much Arkady. And so just a reminder to everyone that you can submit your questions through the Q&A function below, but we have a few questions that have come in already. So we'll get, we'll get going. First question actually relates to the latest status on the buyback and whether that's something that's still under consideration. can I suggest that you take that question?

非常感謝 Arkady。因此，僅提醒大家，您可以透過下面的問答功能提交問題，但我們已經收到了一些問題。所以我們會出發，我們會繼續前進。第一個問題實際上涉及回購的最新狀態以及是否仍在考慮中。我可以建議您回答這個問題嗎？

Yes, sure, thanks to.

是的，當然，謝謝。

And this is actually a great question because it has a direct impact on our 2025 guidance.

這實際上是一個很好的問題，因為它直接影響我們 2025 年的指導。

But first, maybe it will be a good idea just to take a step back and remind all of us where the idea of the buyback actually came from.

但首先，也許最好先退一步來看看，讓我們大家回顧一下回購的想法究竟是從何而來。

After the divestment of our Russian business, we viewed a potential buyback as an instrument to provide our legacy shareholders an opportunity to exit our business, especially in the absence of trading.

在剝離俄羅斯業務後，我們將潛在的回購視為一種手段，為我們的原有股東提供退出業務的機會，尤其是在沒有交易的情況下。

And as we all know at our latest, a GM I should have authorized a potential buyback within certain power metals.

正如我們最近所知，通用汽車我應該授權對某些電力金屬進行潛在的回購。

One of them is a maximum price of $10.5 per share which represents the poor water of the net cash proceeds of the divestment transaction. At closing.

其中之一是每股 10.5 美元的最高價格，這代表了剝離交易淨現金收益的差額。收盤時。

It does not put any value whatsoever to the business that we're actually building.

它對我們實際正在建立的業務沒有任何價值。

Our ourselves resumed trading on NASDAQ about two weeks ago and we are very happy to see the investors interest in our story.

我們自己大約兩週前在納斯達克恢復交易，我們很高興看到投資者對我們的故事感興趣。

We also see strong liquidity levels.

我們也看到強勁的流動性水準。

We hope that this is a sign that our investors see a great opportunity in our business.

我們希望這表明我們的投資者看到了我們業務的巨大機會。

And if this is the case and the market for our shelf remains strong, actually, a buyback may not be required to accomplish the idea for which it was originally planned.

如果情況確實如此，而我們的貨架市場仍然強勁，那麼實際上，可能不需要回購就可以實現最初計劃的想法。

In this case, we may actually have the opportunity to allocate much more capital to our A I infrastructure and deliver our plans even faster.

在這種情況下，我們實際上可能有機會為我們的人工智慧基礎設施分配更多的資金，並更快地交付我們的計劃。

But let's let's try to put this into actual numbers.

但讓我們嘗試將其轉化為實際數字。

As probably everyone knows, we originally provided a 500 million to $1 billion. AR R guidance range for the year of 2025.

大家可能都知道，我們最初提供了5億到10億美元。2025 年 AR R 指導範圍。

In this scenario, will buyback will, will ultimately will not be required.

在這種情況下，最終將不再需要回購。

We actually estimate that we will be able to deliver above the midpoint of this range, the range of 500 million to 1 billion.

實際上，我們估計我們能夠實現這一範圍中點以上的目標，即 5 億到 10 億之間的目標。

And we think that this is actually very exciting.

我們認為這實際上非常令人興奮。

Great. Thank you very much for that, Arkady. So the next question is really around competition and sort of how we're seeing the market. And I'll come to you on this and specifically, the question is, so how does nebi differentiate against the hyperscaler and the other private competitors in the GP U cloud space?

偉大的。非常感謝您，Arkady。所以下一個問題其實是關於競爭以及我們如何看待市場。我將就此向您提問，具體來說，問題是，nebi 如何與超大規模企業和 GP U 雲端領域的其他私人競爭對手區分開來？

Why actually the question is why we believe that will be among the strongest leading independent GP U cloud providers, right?

實際上問題是，為什麼我們相信它將成為最強大的領先獨立 GP U 雲端供應商之一，對嗎？

And actually, I have usually several answers to this question. 1st.

實際上，我對這個問題通常有幾個答案。第一。

1st, we provide full stack solution.

第一，我們提供全端解決方案。

Which means that we build data centers, we build hardware servers and racks inside the data centers. We build A I cloud platform on top of it through cloud and we build services and we have expertise for build services for those who build models and train, train, train these models and build applications. And we have our own expertise in this area. So we have full stack solution And this translates into better operational efficiency.

這意味著我們建立資料中心，我們在資料中心內部建立硬體伺服器和機架。我們透過雲端在其上建立一個 I 雲端平台，我們建立服務，我們擁有為那些建立模型、訓練、訓練這些模型和建立應用程式的人建立服務的專業知識。我們在這個領域有自己的專業知識。因此，我們有全端解決方案，這意味著更好的營運效率。

We, we believe that our costs may be lower because of this and our product portfolio is much stronger.

我們相信，我們的成本可能會因此而降低，而且我們的產品組合也會更加強大。

So this is like f that gives us the first block of differentiation.

所以這就像 f 給了我們第一個區分塊。

Then this is a platform, the solution we're providing actually is a solution which was built from scratch in the last several months. This is the first full integrated solution for A I infrastructure built like I knew without any they need to support any unnecessary functions or old old code. It's a brand new solution. And what is more important, it's specifically targeted for the tasks of a very dynamic A I industry.

那麼這是一個平台，我們提供的解決方案實際上是在過去幾個月從頭開始建立的解決方案。這是我所知道的第一個針對人工智慧基礎設施的完整整合解決方案，無需支援任何不必要的功能或舊的程式碼。這是一個全新的解決方案。更重要的是，它專門針對非常活躍的人工智慧產業的任務。

So we offer much, much more flexible. We we can offer better pricing and, and, and so on.

因此我們提供更靈活的服務。我們可以提供更優惠的價格等等。

And the third block of differentiation I would say comes from the fact that we have a very strong and very, very good team.

我想說的第三個差異在於我們擁有一支非常強大、非常優秀的團隊。

This team of people, more than 500 specialists, 400 A I specialists specifically on cloud engineers who are ready to support our growth, who have experienced building systems, which are even larger than what we have today and have ambitions to build much larger systems.

這個團隊由 500 多名專家組成，其中 400 名人工智慧專家，特別是雲端工程師，他們隨時準備好支援我們的發展，他們擁有建立比我們今天擁有的更大的系統的經驗，並且有志於建立更大的系統。

And this actually translates into faster time to market when we launch new products and better customer support and better understanding of our cloud of our clients because we are the same, we are like that.

這實際上意味著我們推出新產品時可以更快地將產品推向市場，提供更好的客戶支持，並更好地了解我們的客戶雲，因為我們都是一樣的，我們就是這樣的。

So these are actually three major things which we say, which we see is our competitive advantage, full tech solution, brand new, specifically tailored platform, which we just launched and us the people and engineers who really understand the area.

所以，我們所說的這實際上是三件主要的事情，我們認為這是我們的競爭優勢：完整的技術解決方案、全新的、專門定制的平台（我們剛剛推出），以及我們真正了解該領域的人員和工程師。

Thank you very much Arkady. So actually the next question is around our data center expansion strategy. So, Andre I'll come to you on this and specifically how are we, how do we think about it overall? How do we think about geographic locations and what are potential constraints in terms of rolling out the strata?

非常感謝 Arkady。實際上下一個問題是關於我們資料中心擴展戰略的。那麼，安德烈，我會向你介紹這一點，具體來說，我們如何，我們如何看待這個問題？我們如何考慮地理位置以及在推出地層方面有哪些潛在的限制？

Yeah, thanks Tom. Hi, everyone. I'm Arkady speaking.

是的，謝謝湯姆。大家好。我是阿爾卡季。

So we have three ways to source the data center capacity. These are locations. So just break out the someone else's data center build to suit projects is when someone else builds the data center on their site with the CapEx. According to our design for the one contracts from ourselves and the Greenfield projects when we build the data center from the scratch and it it ourselves basically our preference would be Greenfield. This allows us to realize value from the full stack approach and reach maximum efficiencies as the team have decades of experience operating the data centers, building, designing, building and operating the data centers, but that's subject to the availability of the capital and the Greenfield projects longer in terms of delivery times.

因此，我們有三種方法來獲取資料中心容量。這些是地點。因此，當其他人使用資本支出在其網站上建立資料中心時，只需分解其他人的資料中心以適應專案即可。根據我們自己簽訂的一份合約和 Greenfield 專案的設計，當我們從頭開始建立資料中心時，我們基本上會選擇 Greenfield。這使我們能夠從全端方法中實現價值並達到最高效率，因為團隊擁有數十年營運資料中心、建置、設計、建造和營運資料中心的經驗，但這取決於資本的可用性和 Greenfield 專案的交付時間更長。

So we're going to use all three of these sources of ways to get the capacity. But we view the locations as a shorter term solutions. Mostly speaking about the next few quarters while the other two will be kicking in.

因此，我們將使用所有這三種方式來獲取容量。但我們認為這些地點只是短期解決方案。主要談論的是接下來的幾個季度，而另外兩個季度也將開始生效。

But our first location, our first data center is in Finland, which we already commenced the capacity expansion for it.

但我們的第一個地點、第一個資料中心位於芬蘭，我們已經開始對其進行容量擴展。

We actually are treating the capacity for the next during the next year. Maybe the first phase will be in in mid next year. And the the last phase of that site will be later 2025 also wanted to mention that it's fully capable of the liquid cool technologies for the new GPS and the new trends in that in that area as well.

實際上，我們正在處理明年的產能。第一階段可能將於明年年中開始。該網站的最後階段將在 2025 年稍後完成，還想提一下，它完全能夠支援新 GPS 的液體冷卻技術以及該領域的新趨勢。

In the midterm, we plan and actively engage in, in build to suit arrangements. It's a less capital intensive alternative to the green field. But still allows us to stick to our design and maintain most of our operational effectiveness I would say but still keeping us more flexible in terms of the of capital talking about the geographical locations. So the first, the finish was our home base. The first data centers we, a couple of months ago, we or a month ago, I believe we announced the Paris location which is kicking in in durations as we speak.

在中期，我們計劃並積極參與，以適應安排。與綠地相比，這是一種資本密集程度較低的替代方案。但仍然允許我們堅持我們的設計並保持我們的大部分營運效率，我想說，但仍然讓我們在資本和地理位置方面更加靈活。所以首先，終點就是我們的大本營。幾個月前，或者說一個月前，我相信我們宣布了第一個資料中心將在巴黎建立，目前該資料中心正在持續運作。

Okay.

好的。

The next one will be announced in us and looking forward, we will be building infrastructure both in Europe and in us mostly.

下一個計劃將在美國宣布，展望未來，我們將主要在歐洲和美國建造基礎設施。

That's it.

就是這樣。

No, I think that's very good. Thank you very much, Arkady. And so just for people's reference, so Andre referred to our Finnish data center and there was a press release a few weeks ago with more specific detail around the expansion plans there. And there's also was an announcement a few weeks ago about the Paris Data Center, if people want to refer to that with some more, some more additional details.

不，我認為那非常好。非常感謝，阿爾卡季。僅供大家參考，安德烈提到了我們的芬蘭資料中心，幾週前發布了一份新聞稿，其中詳細介紹了那裡的擴建計劃。幾週前也發布了有關巴黎資料中心的公告，如果人們想了解更多詳細資訊。

So the next question is actually we've received a few questions around the, the NVIDIA partnership and relationship. So I'm going to combine them into one if that, if that's okay. So and actually, and maybe I can stick with you here. So, first of all, the questions are really, what's the history as well as current status of the NVIDIA partnership? And what that brings to NBI the current status of NVID orders shipments and as well as our ability to secure new GPO generations going forward in including the, the, the Black wealth. So let me give you that set of questions if I can.

所以下一個問題其實是我們收到了一些有關 NVIDIA 合作夥伴關係和關係的問題。所以如果可以的話，我會把它們合併成一個。所以實際上，也許我可以在這裡和你在一起。那麼，首先，真正的問題是，NVIDIA 合作夥伴關係的歷史和現狀如何？這為 NBI 帶來了 NVID 訂單出貨量的現狀，以及我們確保未來新 GPO 世代的能力，包括黑人財富。如果可以的話，我來向你提出這組問題。

Yeah, thanks Tom.

是的，謝謝湯姆。

So, talking about our collaboration with NVIDIA, we have a long term experience. A team actually has the long term experience working with NVIDIA for more than a decade, building the GP U clusters and running them at a pretty significant scale.

因此，談到我們與 NVIDIA 的合作，我們擁有長期的經驗。該團隊實際上擁有與 NVIDIA 合作十多年的長期經驗，建立了 GP U 叢集並以相當大的規模運行它們。

About the partnership. We are cloud and em partner, official, cloud and NCP, and OM partner of NVIDIA that helps us to develop the data center design, the R design to get all the advantages of the NVIDIA software part and just to collaborate on the both technical and business sides about the future shipments.

關於合作關係。我們是 NVIDIA 的雲端和 EM 合作夥伴、官方合作夥伴、雲端和 NCP 合作夥伴以及 OM 合作夥伴，幫助我們開發資料中心設計和 R 設計，以獲得 NVIDIA 軟體部分的所有優勢，並在未來的出貨方面在技術和業務方面進行合作。

Well, the GP U, availability is always, is always a tricky one but, I'm quite sure that we have a good track of, shipments throughout this year.

嗯，GP U 的可用性始終是一個棘手的問題，但我很確定我們今年全年的出貨量都很好。

And we are, we are feeling confident, talking with the NVIDIA that the next Q1 Q2 shipments of the newer generations are secured for us.

我們有信心，透過與 NVIDIA 的溝通，我們可以確保第一季和第二季新一代產品的出貨量。

Okay. Thank you, Arkady. So Noman, I'll come to you. So we've had a couple of questions around GP U pricing and sort of generally how we see the evolution of GP U pricing and overall how we think about the sustainability of pricing in light of the regular flow of new generation launches and so on. So, and perhaps I can come to you to address that.

好的。謝謝你，阿爾卡季。那麼諾曼，我會來找你。因此，我們對 GP U 定價提出了幾個問題，大致是我們如何看待 GP U 定價的演變，以及總體而言，我們如何根據新一代產品的定期發布來看待定價的可持續性等等。所以，也許我可以來找你解決這個問題。

Yeah, I think it's so talking about the pricing, I think it's important to talk in respect to generations.

是的，我認為談論定價時，考慮到世代差異很重要。

So for the next generation GB 200 black holes next year, I think the pricing is not fully set, but we can expect that there will be the premium and margin as it normally happens at the beginning of generation for Hoppers, which is current active generation. Everybody is talking about it. I would say that for H100 is the most popular model. Today, the pricing came to some like stable situation at the moment. So there was obviously very high premium which now reduced, but it's still the prices that let have the healthy unit economics.

因此，對於明年的下一代 GB 200 黑洞，我認為定價尚未完全確定，但我們可以預期會有溢價和利潤，就像 Hoppers 世代開始時通常發生的那樣，也就是當前活躍的一代。大家都在談論這件事。我想說 H100 是最受歡迎的型號。今天，價格目前處於某種穩定狀態。因此，顯然之前的保費非常高，現在已經降低了，但價格仍然是實現健康單位經濟的關鍵。

And we also have H200 which is not such big volumes on the market. And for them, we see the price is also like pretty healthy important to mention here that we were kind of a little bit late on Hopper's generation comparing to some of our competitors. And next year, the most of our fleet will be with black holes that kind of give us the advantage to to benefit for from being in the beginning of this generation without the large legacy and looking forward, I would say that it's normal that when the generation generations of chips are shifting, the prices kind of go down.

我們還有 H200，其市場銷售量不是那麼大。對於它們來說，我們看到的價格也相當合理，值得一提的是，與我們的一些競爭對手相比，我們在 Hopper 這一代產品上有點晚了。明年，我們的大部分產品線將採用黑洞，這將使我們從這一代產品的初期受益，而無需承受巨大的遺留問題。展望未來，我想說，當晶片一代地更新換代時，價格下降是很正常的。

But what we do is what is our angle, we invest a lot on a software layer to kind of prolong the life cycle of the previous generation. When we can provide the service to the customer, not as a raw compute of some chips, but as a service like a KDI mentioned that we launched our ton as a service platform for influence and there could be down the road, new services that kind of hide the specific models of the chips under the hood and we can extract the value for the customers.

但我們所做的是我們的角度，我們在軟體層面投入了大量資金，以延長上一代產品的生命週期。當我們可以向客戶提供服務時，不是作為某些晶片的原始計算，而是作為像 KDI 提到的那樣的服務，我們推出了我們的噸位即服務平台來產生影響，並且將來可能會有新的服務，這種新服務會隱藏晶片的具體型號，我們可以為客戶提取價值。

Great. Thank you very much Roman and actually Roman, I'll, I'll stay with you because the next question is really around the clients as of today. And what are the sort of typical contract terms and durations for current customers? And how we think that will evolve over time?

偉大的。非常感謝 Roman，實際上 Roman，我會繼續和你在一起，因為下一個問題實際上是關於今天的客戶。那麼，當前客戶的典型合約條款和期限是什麼樣的呢？我們認為隨著時間的推移它將如何發展？

Yeah, so like, just to remind, we started less than like less than a year ago. Our first commercial customer started in Q4 2023. As of now, we have something like 40 managed clients.

是的，提醒一下，我們開始的時間還不到一年。我們的第一個商業客戶於 2023 年第四季開始營業。截至目前，我們已經擁有約 40 個託管客戶。

And it's important to mention that the, the base, the customer base is pretty much diversified. We don't have any single dominating client.

值得一提的是，客戶群非常多樣化。我們沒有任何單一的主導客戶。

If you talk about the customer profile, most of our customers are A I centric like gen AI developers at like people for whom A I is, you know, bread and butter. And we also see that there is the step by step growing our explorer to more enterprise customers talking about the contracts as of today. Since the fleet is 100 most of our customers, most of our contracts are under one year.

如果談到客戶概況，我們的大多數客戶都是以人工智慧為中心的，就像新一代人工智慧開發人員一樣，對他們來說，人工智慧就是他們的衣食父母。我們也看到，截至今天，我們的探索者正在逐步擴大，越來越多的企業客戶正在談論合約。由於我們的大多數客戶擁有 100 架飛機，因此我們的合約期限大多在一年以下。

Like this is the reason for that is that on the market, customers don't feel comfortable to commit for H100 for more than a year, which is natural. Again, want to remind that next year the fleet will be mostly around Blackwells. And we expect that the contracts for black holes in the next year will be again, coming to more long term arrangements.

原因就在於，在市場上，顧客不願意承諾使用 H100 超過一年，這是很自然的。再次提醒，明年船隊將主要在布萊克韋爾附近。我們預計明年黑洞合約將再次出現，並達成更長期的安排。

And also important to say that for H200 still hoppers, but we see a lot of discussions in the pipeline of like 12 year contract, like healthy price, healthy duration.

同樣重要的是要說的是，對於 H200 靜止漏斗，但我們看到很多關於 12 年合約的討論，例如健康價格、健康期限。

We also have a lot of ondemand customers and this is H1stly the part of our strategy to position us as the most flexible GP U cloud provider as of today. So we really want our customers to benefit from the platform that let them combine reserves and pay as you go, like be more flexible in their capacity planning because this is a real pain of the market that we address.

我們也有很多按需客戶，這是我們策略的一部分，旨在將我們定位為當今最靈活的 GP U 雲端供應商。因此，我們確實希望我們的客戶能夠從該平台中受益，該平台可以讓他們結合儲備並按需付費，從而在容量規劃方面更加靈活，因為這是我們要解決的真正的市場痛點。

And again, so with the Blackwells, we anticipate the duration of contracts will significantly grow.

同樣，我們預計與布萊克威爾的合約期限將大幅延長。

And when the most of the fleet of chiefs will shifted to g to Blackwells, the mixed the mixed contract structure in the portfolio will be like shifted to more long term.

當大部分酋長艦隊轉移到布萊克韋爾時，投資組合中的混合合約結構將轉向更長期的合約結構。

Great. Thank you very much Roman.

偉大的。非常感謝羅曼。

So actually the next question is a is about Arcadi, but since we have Adi on the line, I'll, I'll let him field it. But the question was, how is, how engaged is Arcadi with the business today? And what are his plans for the future? I guess, I guess with respect to Nepi.

所以實際上下一個問題是關於 Arcadi 的，但既然我們有 Adi 在線，我會讓他來回答。但問題是，Arcadi 目前對業務的投入如何？他對未來有什麼計畫？我想，我想這與 Nepi 有關。

How, how much engaged? Well, I'm fully engaged if you ask my family, maybe too much engaged, but seriously, it's, it's a new, totally new venture and it's a new startup. It's, if you look at the team and the enthusiasm and the mood. It's just a nice feeling to be, to be there, but it's, it's not just a startup, it's a, it's a very unusual startup. It's a new project. On one hand, on the other hand, we start with a huge amount of resources. It's not just the team, it's also the platform which we have hardware and software and a lot of capital. And this is a huge opportunity to build something really, really big here in the infrastructure space which will, will go along and will be visible.

怎樣，參與程度如何？好吧，如果你問我的家人，我會全心投入，也許太投入了，但說真的，這是一個全新的事業，也是一個新的創業公司。如果你看看這支球隊、他們的熱情和情緒，你就會明白這一點。身處那裡感覺很好，但這不僅僅是一家新創公司，而是一家非常不尋常的新創公司。這是一個新項目。一方面，另一方面，我們一開始就擁有大量的資源。我們不僅擁有團隊，還有硬體、軟體和大量資金的平台。這是在基礎設施領域建立真正大型專案的巨大機會，這些專案將會順利進行，並且會被人們看到。

So I engaged it's a very interesting news, new game, new startup. And aside of just pure enthusiasm, just to remind you that I personally made being better on this, I would say, I don't know, something like maybe 90% of my personal wealth is in this company.

所以我參與了，這是一個非常有趣的新聞、新遊戲、新創公司。除了純粹的熱情之外，只是為了提醒你，我個人在這方面做得更好，我想說，我不知道，也許我的 90% 的個人財富都在這家公司。

So I truly believe that we're building something big and serious here and we have great prospects and we are very much enthused and we, we want to, to make this thing going.

因此，我堅信我們正在建立一件大事，一件嚴肅的事，我們有著美好的前景，我們充滿熱情，我們希望讓這件事繼續下去。

Thank you very much, Arkady.

非常感謝，阿爾卡季。

So Ophira I'll come to you. We have a question around sort of margins and unit economics. So specifically, the question is, can you elaborate on nebi gross margin and unit economics for the GP US? And what are the returns on invested capital or payback expectations that we see?

所以 Ophira 我會來找你。我們對利潤率和單位經濟學有疑問。所以具體來說，問題是，您能詳細說明一下 GP US 的 nebi 毛利率和單位經濟效益嗎？我們看到的投資資本回報或回報預期是多少？

These are actually three questions.

這實際上是三個問題。

Yes.

是的。

Sorry.

對不起。

So let's, let's start with the unique economics.

那麼，讓我們從獨特的經濟學開始。

Our unit economics is actually different from most of the reference points that investors have. And we see that investors compare us to data, data center providers. On the one hand or plan vanilla GP weather service players, bare metals as we call them. On the other hand, most of them are actually most of these players are actually sitting on very long term contracts with fixed unit economics margins.

我們的單位經濟學實際上與投資者的大多數參考點不同。我們發現投資者將我們與數據、數據中心提供者進行比較。一方面，或計劃為香草 GP 天氣服務玩家提供裸機，我們稱之為裸機。另一方面，他們中的大多數實際上都簽訂了具有固定單位經濟利潤的長期合約。

We are neither of these two.

我們都不是這兩者中的任何一個。

We're actually a truly fullstack provider.

我們實際上是一家真正的全端提供者。

So what does it mean regarding our unit economics? Obviously, we do not disclose specific numbers, but let me try and share with you how we think about this to start with. We believe we are more efficient than our peers. Why we have efficient data centers, we have enough designed hardware and we have full capability.

那麼這對我們的單位經濟又意味著什麼呢？顯然，我們不會透露具體的數字，但讓我試著與大家分享我們對此的看法。我們相信我們比同行更有效率。為什麼我們擁有高效的資料中心，我們擁有足夠設計的硬件，並且我們擁有完整的能力。

But furthermore, we also create value from our Cogp cloud. This is already part of our unit economy and we anticipate the dispo will go.

但此外，我們也從我們的 Cogp 雲端創造價值。這已經是我們單位經濟的一部分，我們預計處置將會進行。

But this is actually another benefit.

但這其實是另一個好處。

It allows us to serve a wider customer base. And we believe that this customer base will drive the demand in this space in the future.

它使我們能夠服務更廣泛的客戶群。我們相信，這個客戶群將在未來推動該領域的需求。

And so these are a few words about the unique economics on the on our potential returns, our returns are already solid, but we are yet to get access to the new generations of GPUS for which we see a huge demand.

這些是關於我們潛在回報的獨特經濟效益的幾句話，我們的回報已經很可觀，但我們尚未獲得我們看到巨大需求的新一代 GPU。

And with our intention to continue developing our software stack and value added services. We believe that we will be able to even improve our returns on the invested capital.

我們打算繼續開發我們的軟體堆疊和加值服務。我們相信，我們甚至能夠提高投資資本的報酬率。

And I think that you also asked about the payback expectations. So the payback period obviously depends on the generation of the GP US can be somewhere around two years for the old ones and much less for the new ones.

我認為您也詢問了回報預期。因此，投資回收期顯然取決於 GP 的產生，對於舊系統來說，投資回收期大約為兩年，而對於新系統來說，投資回收期則要短得多。

So it's a bit a little bit, I would say premature to talk about it, but we will be probably in a much better position to share specifics once we deploy and sell our first GB 200.

所以我想說現在談論這個有點為時過早，但一旦我們部署並銷售第一台 GB 200，我們可能就能夠更好地分享具體細節。

Fortunately, and we expect to be among the first to do so. So hopefully it will not be too long.

幸運的是，我們期望成為第一批這樣做的人之一。所以希望不會太久。

I hope that I answer.

我希望我能回答。

No, I think you did. There was a lot in the question, but thank you.

不，我想你確實這麼做了。問題很多，不過還是謝謝。

So, Roman, let me come back to you. So there's a question which is basically in the context of our 2025 guidance range. Can you help us to sort of understand what is already contractually secured versus elements that might still be uncertain? So I guess this is, you know, this relates to things like power supply, GP US, procurement, clients contracts, et cetera.

那麼，羅曼，讓我回到你身邊。因此，這個問題基本上與我們 2025 年的指導範圍有關。您能否幫助我們了解哪些是已經透過合約確定的，哪些是可能仍不確定的因素？所以我想這與電力供應、GP US、採購、客戶合約等有關。

Yeah. Thank you, Tom. I think there is like really three lines of the things so they determine the growth. So one is DC capacities, that center capacities and the like access to the power. It's a part of it and as Andrea shared before we secured the growth of our core facility in Finland.

是的。謝謝你，湯姆。我認為實際上有三條線可以決定增長。一個是直流容量，即中心容量和電源接入等。這是其中的一部分，正如 Andrea 在我們確保芬蘭核心設施成長之前所分享的那樣。

And we are now in advance it discussions to add more allocation capacities in the US. Like I expect that till the end of the year, we'll disclose more on GP U side. We already mentioned today also that there is a longstanding relations within media and that let us be in the first line to bring the state of the art New NVIDIA blackhole platform to the customers. And we expect to double down on it in 2025 and client wise like demand demand side.

我們現在正在提前討論在美國增加更多的分配能力。就像我預計的那樣，到今年年底，我們將在 GP U 方面披露更多消息。我們今天也已經提到，我們與媒體之間有著長期的合作關係，這讓我們能夠站在第一線，為客戶提供最先進的全新 NVIDIA 黑洞平台。我們預計到 2025 年，我們將在客戶需求方面加倍努力。

I think we have a quite a good visibility for the end of this year and for the next year, our forecast is mostly based on the capacity available.

我認為我們對今年年底和明年的前景有很好的預見性，我們的預測主要基於可用的產能。

We believe that it's still more supply driven model because given our current size and given the total addressable market, we don't see real limitations to secure enough demand during the next year.

我們認為這仍然是一個供應驅動的模式，因為考慮到我們目前的規模和總目標市場，我們認為明年不會出現確保足夠需求的真正限制。

So that's again, three lines to grow. You need enough DC space, you need, you need secure GP U supply and you need demand. So we feel kind of on three lines pretty comfortable.

因此，這又有三條線路需要發展。您需要足夠的 DC 空間，您需要，您需要安全的 GP U 供應，您需要需求。因此，我們在三條線上感覺相當舒適。

No, that, that, that's great. And I suppose I could point out that we have one Blackwell already secured, but definitely more to come in 2025. So, so anyway, so the next question is around what are the remaining links back into Russia following the divestment? So actually, probably I can, I can take that one. I think the simple answer is that while the remaining links are no longer there.

不，那，那，那太好了。我想我可以指出，我們已經獲得了一個布萊克威爾，但 2025 年肯定會有更多。那麼，無論如何，下一個問題是，撤資之後還有哪些與俄羅斯的連結？所以實際上，我可能可以，我可以接受那個。我認為簡單的答案是，剩餘的連結不再存在。

In reality, when thinking about it, actually, the sort of the separation started back in early 2022 when we embarked on the process to, to do the divestment. But when that divestment came to a completion in July of this year, that sort of severed all the remaining the remaining links at that stage. So just to kind of put that into some context, what that means, so we don't have any assets in Russia, we don't have any revenue in Russia, we don't have any employees and at a sort of technological data level and so on, all of the sort of the the links are broken at this stage. So effectively, it was a, it was a clean and comprehensive break.

事實上，仔細想想，這種分離早在 2022 年初就開始了，當時我們就開始進行資產剝離。但當今年 7 月完成撤資時，這在某種程度上切斷了當時所有剩餘的聯繫。所以，為了把它放在某種背景下，這意味著，我們在俄羅斯沒有任何資產，我們在俄羅斯沒有任何收入，我們沒有任何員工，在某種技術數據層面等等，所有的聯繫在這個階段都被打破了。因此，實際上，這是一次乾淨、全面的決裂。

So I think it's also just, it's probably good to point out that this is not just our own assessment or self assessment here. So first of all, the divestment transaction, which I referred to, which was the largest corporate exit from Russia since the start of the war. You know, this had broad support from Western regulators and so on and, and also the resumption of trading on NASDAQ, you know, which that followed a fairly extensive review process. And eventually they concluded that we were in full sort of compliance of the, of the listing criteria, which is, in other words, the Russian Nexus was considered to be gone at that point. So, so our Russia chapter is over. But we look forward to the next chapter and it's one that we're very excited about.

所以我認為，指出這不僅僅是我們自己的評估或自我評估也許會更好。首先，我提到的撤資交易是自戰爭開始以來俄羅斯最大的企業退出交易。您知道，這得到了西方監管機構等的廣泛支持，而且納斯達克的交易也恢復了，這是經過相當廣泛的審查程序之後的。最終他們得出結論，我們完全符合列入名單的標準，換句話說，俄羅斯的聯繫被認為在那時已經消失。那麼，我們的俄羅斯篇章就結束了。但我們期待下一章，並且對此感到非常興奮。

So next question here, I'll come back to you. So it's how long will your cash balances last? And what are your investment plans for 2026 and beyond? And will you need to raise more external capital beyond that? And how and in what form? And, and again, apologies, it's a few questions into one.

下一個問題，我再問你。那麼你的現金餘額還能維持多久？您對 2026 年及以後的投資計畫是什麼？除此之外，您是否需要籌集更多外部資本？以及如何以及以何種形式？再次抱歉，我把幾個問題合併成一個了。

And I guess that you mean 2026.

我猜你的意思是 2026 年。

We have no, no plans for 2026 actually.

實際上，我們沒有 2026 年的計畫。

Yeah.

是的。

And but for the future, it's clear our first priority by far is our CapEx investments into our coal business.

但對於未來，很明顯我們目前的首要任務是對煤炭業務的資本支出投資。

And by far, so for this reason, our cash efficiency period at the end of the day is basically a function of how aggressive we want to be in our investment in data centers and in GP us now given the strong demand for our product and services that we see in the market, our plan is actually to invest aggressively.

到目前為止，由於這個原因，我們最終的現金效率期基本上取決於我們對資料中心和 GP 的投資力度。鑑於我們在市場上看到的對我們的產品和服務的強勁需求，我們的計劃實際上是積極投資。

But on the other hand, it is important for us and we actually make sure that we maintain sufficient liquidity to cover our cash burn for a reasonable period of time.

但另一方面，這對我們很重要，我們實際上確保我們保持足夠的流動性，以便在合理的時間內彌補我們的現金消耗。

But I think that it's worth mentioning in this context as we actually previously disclosed that we are exploring together with Goldman Sachs, our financial advisor, different strategic options to even accelerate our investment in our A I infrastructure.

但我認為在這種情況下值得一提的是，我們之前實際上已經披露過，我們正在與我們的財務顧問高盛一起探索不同的戰略選擇，以加速我們對人工智慧基礎設施的投資。

And actually our public status provide us with, with an access to a wide range of instruments and options.

實際上，我們的公共地位為我們提供了使用多種工具和選擇的機會。

So to summarize, we plan to move aggressively into the A I infrastructure infrastructure, but at the same time to keep sufficient cash for our burn rate. And while exploring other potential options to actually even move faster in our plans.

總而言之，我們計劃積極進軍人工智慧基礎設施領域，但同時保持足夠的現金以滿足我們的燒錢率。同時探索其他潛在選擇，以便我們的計劃實際上能夠更快地推進。

That's great. Thank you.

那太棒了。謝謝。

So actually the next question is around the ARR guidance range of 500 million to a billion for next year. I think you actually to some degree covered this in his first answer. But let me just kind of add a couple of points on top of that. So again, that that guidance took into a range of possible scenarios including timing of the GB 200 delivery. But also actually the key factor here is availability of capital. So there's a couple of things to think about here. So as of now, we have around $2 billion on the balance sheets. And the question is how much of this we can allocate to CapEx? And so here there are a couple of points we've made reference to a potential withholding tax that we have so that we have that we may, we may have to cover. And so depending on how the discussions of the Dutch tax authorities go, there could be a reasonable share of that that has been allocated for a potential tax payment that could be reallocated towards towards CapEx.

因此實際上下一個問題是關於明年的 ARR 指導範圍是 5 億到 10 億。我認為你實際上在他的第一個回答中在某種程度上已經涵蓋了這一點。但請允許我在此基礎上補充幾點。因此，該指導再次考慮了一系列可能的情況，包括 GB 200 交付的時間。但實際上這裡的關鍵因素是資本的可用性。因此，這裡有幾件事需要考慮。截至目前，我們的資產負債表上有約 20 億美元。問題是我們可以將其中多少分配給資本支出？因此，這裡有幾點我們提到了我們可能需要繳納的潛在預扣稅。因此，根據荷蘭稅務機關的討論進度，可能會有相當一部分資金被分配給潛在的稅款，然後重新分配給資本支出。

And there's also, as oe pointed out, I think the key point here is that there could be a scenario when we don't have any impact from a potential buyback, which would mean that we have an opportunity to allocate a lot more capital to the A IA I infrastructure CapEx and deliver on our plans even faster. But again, I think you covered that well, in his first answer. So in that, in that scenario where we're able to reallocate, you know, we, we estimate that we'll be able to deliver above the midpoint of the 501 billion a guidance range that we gave for the year in 2025.

而且，正如 oe 指出的那樣，我認為這裡的關鍵點是，可能會出現這樣一種情況，即我們不會受到潛在回購的任何影響，這意味著我們有機會為 A IA I 基礎設施資本支出分配更多資金，並更快地實現我們的計劃。但我再次認為你在他的第一個回答中已經很好地涵蓋了這一點。因此，在這種情況下，在我們能夠重新分配的情況下，我們估計我們將能夠實現高於我們為 2025 年給出的 5010 億美元指導範圍中點的目標。

Okay. Very good. So, so moving on, I think the next question actually, if I can come back to you, so it's around really, what's the strategy for the for the, let's say noncall bus business units? And are there any monetization plans for the for the portfolio company? So again, just for clarity here, we're probably talking about some A V ride, triple 10 and Tlo. So.

好的。非常好。那麼，繼續，我認為下一個問題實際上是，如果我可以回到你這裡，那麼它實際上是關於，對於非呼叫巴士業務部門來說，其策略是什麼？投資組合公司有什麼獲利計畫嗎？因此，再次強調，只是為了清楚起見，我們可能正在談論一些 A V ride、triple 10 和 Tlo。所以。

And yes and so first, we truly believe that each one of these businesses is among the leaders in this field.

是的，首先，我們堅信這些企業中的每一家都是該領域的領導者。

And each one of them had great prospects that said, as we said, time and again, the majority of our focus and capital is being allocated to our core ai infrastructure.

而且他們每個人都有著很好的前景，正如我們一次又一次說過的那樣，我們的大部分精力和資金都集中在我們的核心人工智慧基礎設施上。

And for this reason, we are very flexible in our strategic development of our other businesses.

因此，我們在其他業務的策略發展上非常靈活。

So as one example, and this may include with the to some of the businesses joining forces with strategic partners or seeking external investments, et cetera.

舉個例子，這可能包括一些企業與策略夥伴聯手或尋求外部投資等等。

So again, we truly believe that these businesses are, we will you look great will be profitable to us? But our focus, our main focus both from a business attention and and the capital is in our core A I infrastructure business.

所以再說一次，我們真的相信這些業務，我們會看起來很好，會為我們帶來利潤嗎？但我們的重點，無論是從商業關注度還是資本角度來看，我們的主要重點都在我們的核心人工智慧基礎設施業務上。

Very good. Thank you. So actually, next question is which, which I can take, which is around sort of our thinking around investor relations going forward. And so specifically, some points, do we expect to see broker research coming out soon? And just more generally, what are the plans around investor relations over the coming months to sort of as we re reintroduce our company to the markets? So indeed, we, we had a fairly lengthy sort of slightly strange period where we were, where we were dark while we were finishing the divestment and putting in place all of the infrastructure for this, for this new company. And we were very pleased to, to get back on to NASDAQ and that sort of sparks very much a new chapter and a return to I would say slightly more normal life. Exciting but maybe a bit more normal. So definitely we're, we're starting to reengage with the various banks in terms of trying to sort of reinitiate, sell side coverage, research coverage. And that's a process that's underway right now. And so expected to see more coming out sort of over the coming months, get back into a more normalized sort of ir period, the quarterly, quarterly reporting going forward, we're going to be look out for us at, at conferences, investor conferences and so on, sort of over the coming months. And so yeah, so I think, you know, we apologies for for the sort of the blackout period for some time, but we're back and we'll be, we'll be doing that. We also, we had a lot of inbound interest from investors. And so we're going to be doing a lot of, a lot of one on one calls also over the coming weeks. So feel free to get in touch with all of us and we'll engage as much as we can. It's a busy time, but we'll find time. So that's on the, the IR side.

非常好。謝謝。所以實際上，下一個問題是我可以回答的，關於我們對未來投資者關係的想法。那麼具體來說，我們是否預計很快就會看到經紀人研究結果出來？更一般地說，當我們將公司重新推向市場時，未來幾個月在投資者關係方面有什麼計劃？所以，我們確實經歷了一段相當長、有點奇怪的時期，在這段時期裡，我們處於一片黑暗之中，我們正在完成資產剝離，並為這家新公司建立所有的基礎設施。我們非常高興能夠重返納斯達克，這為我們開啟了新的篇章，讓我們的生活回歸到更正常的狀態。令人興奮但可能更正常一些。因此，我們肯定會開始與各家銀行重新合作，試圖重新啟動賣方覆蓋和研究覆蓋範圍。這一進程目前正在進行中。因此，預計未來幾個月將會出現更多消息，恢復到更正常的財務狀況，季度、季度報告將會繼續發布，我們將在未來幾個月的會議、投資者會議等上關注我們。是的，所以我認為，你知道，我們對於一段時間的停電期表示歉意，但我們會回來的，我們會這樣做。我們也得到了很多投資者的興趣。因此，在接下來的幾週內，我們還將進行大量一對一的通話。因此請隨時與我們聯繫，我們將盡力為您提供協助。雖然現在很忙，但我們會抽出時間。這就是 IR 方面的情況。

Ophira I'll come to you perhaps. So there's a question about the, the Click House stake, which I remind people we have an approximately 28% stake in click house. Question is, can we give more details on that business, how it's performing. And what is the revenue of clicks start? And is there a plan to go public? And so probably not all of that we can address, but perhaps you can comment on that to the extent that we can.

奧菲拉，也許我會去找你。所以有一個關於 Click House 股份的問題，我提醒大家，我們擁有 Click House 約 28% 的股份。問題是，我們能否提供有關該業務的更多詳細資訊以及其表現如何。那麼點擊開始的收入是多少？有上市計畫嗎？因此，我們可能無法解決所有問題，但也許您可以盡我們所能對此發表評論。

Yeah, actually it's very simple. We treat our second clicks as a perfect investment.

是的，實際上非常簡單。我們將第二次點擊視為完美的投資。

So first of all, we don't have any immediate plans for it and we will right now, we continue to own it now is a minority shadow though we are not in a position to provide any more details on the business, not about it.

因此，首先，我們對此沒有任何近期計劃，現在我們將繼續擁有它，儘管我們無法提供有關該業務的更多細節，但我們現在仍是少數股權的影子。

Projections plans, business plans, et cetera. And it's not, it's not for us to say, but we can say and we are actually very happy to say that that to our understanding, the business is well regarded by partners and other market participants.

預測計劃、商業計劃等等。這不是我們可以說的，但我們可以說，而且我們實際上很高興地說，據我們了解，這項業務受到合作夥伴和其他市場參與者的高度評價。

So we're very happy about that.

所以我們對此感到非常高興。

Thank you, Oph. Actually, next question Andrea, I'll come to you on this one. It's around actually power, power supply and power access. And do we think that we have sufficient access to support sort of future computing needs and GP U requirements as Andre Kareen?

謝謝你，Oph。實際上，下一個問題是安德里亞，我會就這個問題來找你。它實際上與電源、電源和電源接入有關。我們是否認為我們有足夠的能力來支援未來的運算需求和 GP U 要求，就像 Andre Kareen 一樣？

Yeah, thanks Tom. Well, I would say that short term, as I just mentioned, short term, we are relying on the rented capacity plus the expansion of our finished data center and then switch to the Greenfield and build a suit projects again, subject to the available capital, but generally midterm, we don't see, we don't see problems for the growth to support the growth, even if we are talking just growing the magnitudes.

是的，謝謝湯姆。嗯，我想說，短期內，正如我剛才提到的，短期內，我們依靠租用的容量加上已建成的數據中心的擴建，然後切換到 Greenfield 並再次構建適合的項目，這取決於可用的資本，但一般來說，從中期來看，我們沒有看到，我們沒有看到支持增長的增長方面的問題，即使我們談論的只是數量級的增長。

So the only challenging times would be might be the next 34 quarters. But I truly believe that we are in a, in a very good position not to be blocked by the dead center capacity availability.

因此，唯一具有挑戰性的時期可能是接下來的 34 個季度。但我堅信，我們處於非常有利的位置，不會被中心產能可用性所阻礙。

That's in short.

簡而言之就是如此。

Great. Thank, thank you, Arkady.

偉大的。謝謝，謝謝你，阿爾卡季。

So actually the next question is about the US. And so what expansion plans do you have in the United States? Do you already have corporate customers in the USA? And generally, how do you see development there at all? And maybe I can come to you to have a crack at that.

實際上下一個問題是關於美國的。那麼你們在美國有什麼擴張計畫嗎？您在美國已經擁有企業客戶了嗎？整體來說，您如何看待那裡的發展？也許我可以來找你試試看。

Yeah, thank you. It's superlight since we are in San Francisco now. I think that we can say that we have a very great focus on us already. We see that organically many of our customers coming from us. We don't have yet so much awareness here. We just started but already the big portion of our customers coming from us. And I in the previous questions, you said that the big part of our customers are A I focused companies. It's like obviously many of them here. So we developing the team, we planning to expand capacity here as Andre mentioned already. So like, yeah, I think it will be super important part of the game.

是的，謝謝。由於我們現在在舊金山，所以天色非常明亮。我認為我們可以說我們已經非常關注自己了。我們發現很多客戶都是自然而然地從我們這裡來的。我們對此還沒有太多的認識。我們才剛起步，但已經有很大一部分客戶來自我們。我在之前的問題中說過，我們的客戶很大一部分都是專注於 A I 的公司。顯然，這裡有很多這樣的人。因此，我們正在發展團隊，我們計劃擴大這裡的產能，正如安德烈所提到的。是的，我認為這將是遊戲中非常重要的一部分。

Fantastic. And actually next question flips to the other side of the pond to Europe. And so maybe I can come to you on this one, which is what's the rationale for building the infrastructure currently in Europe? And just generally, how do we sort of see the opportunity in Europe?

極好的。實際上，下一個問題轉到了大西洋彼岸的歐洲。所以也許我可以向您問這個問題，即目前在歐洲建設基礎設施的理由是什麼？整體而言，我們如何看待歐洲的機會？

Well, first of all, from the corporate side, we a Dutch company traded on Ada a European company historically and then after this big split, we inherited a big data center which is in Finland, which is as you know, also in Europe, which we're now tripling and will be a pretty big facility.

嗯，首先，從公司方面來看，我們是一家荷蘭公司，曾在 Ada（一家歐洲公司）上交易，在這次大拆分之後，我們繼承了一個位於芬蘭的大型數據中心，正如你所知，芬蘭也位於歐洲，我們現在正在將其規模擴大三倍，成為一個相當大的設施。

We also recently launched Paris. Paris is also in Europe. And we're discussing several Greenfield projects which will be also in, particularly in Europe, not only so Europe, definitely have some advantages for us in terms of competition and easy access to stable power supplies and cheap power supplies. But at the same time, although we started our infrastructure in Europe, we are building a global business.

我們最近也推出了巴黎。巴黎也位於歐洲。我們正在討論幾個綠地項目，這些項目也將在歐洲，不僅在歐洲，在競爭和易於獲得穩定電力供應和廉價電力供應方面，歐洲肯定為我們帶來一些優勢。但同時，儘管我們的基礎設施始於歐洲，但我們正在建立全球業務。

First of all, we have global customers, more than half of our customers today, I think could come and outside of Europe US Festival.

首先，我們擁有全球客戶，我認為今天我們一半以上的客戶可能會來自歐洲和美國以外的地區。

And going forward, we definitely are looking looking just actually we, we act to expand our geography to become a really global A I infrastructure provider and in particular in the US. And there will be some news following very soon about the expansions here in terms of infrastructure. But also we already announced that we follow our customers and we opened the of several offices in US in San Francisco and Dallas and New York is coming soon. It's mostly sales and services offices. Again, the infrastructure are moving to us, not only Europe and customer services moving to us, but again, it's not only just Europe, not only just us, it will be a global network of data centers and a global service provider. We are looking into other regions as well pretty actively.

展望未來，我們確實在尋求擴大我們的業務範圍，成為真正的全球人工智慧基礎設施供應商，尤其是在美國。很快我們就會發布一些有關這裡基礎設施擴建的消息。但我們也已經宣布，我們將關注我們的客戶，並在美國舊金山、達拉斯和紐約開設了多家辦公室。它主要是銷售和服務辦公室。再說一次，基礎設施正在向我們轉移，不僅是歐洲，客戶服務也在向我們轉移，但再說一次，這不僅僅是歐洲，不僅僅是我們，它將是一個全球資料中心網路和全球服務提供者。我們也正在積極地探索其他地區。

So yeah.

是的。

Great, sorry, I mean to cut you off. But.

太好了，抱歉，我打算打斷你。但。

Yeah, that's actually that's it. Yeah, so just watch our coming announcements for you, which will come very soon.

是的，確實如此。是的，請關注我們即將發布的公告，它很快就會發布。

Very good, very good. So actually Roman, maybe I can come to you. There's a question about how you see customer needs and sort of use cases evolving. So it's obviously this is a rapidly developing industry. So any color that you can add.

很好，很好。所以實際上羅曼，也許我可以來找你。有一個問題是關於您如何看待客戶需求和用例的演變。顯然這是一個快速發展的行業。因此您可以添加任何顏色。

This is actually the brilliant question. Love to answer.

這其實是一個絕妙的問題。很願意回答。

So I think that the main like the most significant shift that we see now is a lot of scenarios coming. So if some time ago, most of GP hours were consumed for the large training jobs. So like developing the products, now we see that a lot of computers consent to serving customers, which is like we consider as a great development of the market and we're moving forward in, in general as a, as an industry.

所以我認為我們現在看到的最重大的轉變是許多場景即將發生。因此，如果前一段時間，大部分 GP 時間都花在了大型訓練工作上。因此，就像開發產品一樣，現在我們看到很多電腦同意為客戶提供服務，我們認為這是市場的一大發展，並且我們作為一個行業總體上正在向前發展。

And for us, I believe it's the this shift is also super important because since we are very much in the software platform, when it comes to more complex scenarios, we can create much more value for our customers.

對我們來說，我相信這種轉變也非常重要，因為我們非常重視軟體平台，當涉及更複雜的場景時，我們可以為客戶創造更多價值。

Another thing to mention is that the number of scenarios like the verticals are also diversifying. So we we see, for example, a lot of customers coming from life science, biotech, health tech. We see a lot of interest in robotics other like video generation now like is blow blow mining. So we think that there will be a lot of sectors and niches where A I is penetrating. And our mission here is to support those those people who build the products with the, with the infrastructure and the move, develop the product, the platform together with them.

另外值得一提的是，垂直產業等場景的數量也在多樣化。例如，我們看到很多客戶來自生命科學、生物技術和健康科技領域。我們看到人們對機器人技術很感興趣，其他的像是影片生成，例如現在的打擊採礦。因此我們認為人工智慧將會滲透到許多產業和領域。我們的使命是支持那些利用基礎設施建立產品的人，並與他們一起開發產品和平台。

Great. Thank you. And actually maybe Roman, let me, let me stay with you because there's a kind of a follow on from this one which is sort of how you think about the evolution of the customer base going forward sort of over time.

偉大的。謝謝。實際上，羅曼，讓我繼續和你討論這個問題，因為這個問題還有後續內容，那就是你如何看待客戶群隨著時間的推移而演變。

Yeah. So like in I think that mostly we already covered it. So and there are a few dimensions like one, the structure of the contracts, we we said that down the road with the new generation of chips, we see that it will be again, like more long term contracts, again, large trading jobs will come and so on. And then like on a scenario perspective, we see that shift to inference is the most important. And from there market sectors perspective, I think that again, we see more and more diversified portfolio of scenarios and types of kind of types of tasks that people address with A I. And I think again, the next big thing is when A I will start be adopted more in enterprises like the market will go from A I like. Now, the most of the customers are A I native and then we'll see a lot, a lot of adoption in enterprises. So it will be important shift maybe during the next year.

是的。所以我認為我們已經基本上涵蓋了這一點。因此，有幾個方面，例如，合約的結構，我們說過，隨著新一代晶片的出現，我們會看到它將再次出現，例如更多的長期合同，再次出現大型交易工作等等。然後從場景角度來看，我們發現轉向推理是最重要的。從市場領域的角度來看，我認為，我們再次看到人們使用人工智慧解決的場景和任務類型越來越多樣化。我再次思考，下一件大事是當 A I 開始在企業中被更多採用時，市場就會從 A I 開始。現在，大多數客戶都是人工智慧原生用戶，我們將會看到大量企業採用該技術。因此，這也許會是明年的重要轉變。

Okay.

好的。

Very good. So Arkady maybe I'll come to you. There's a, there's a specific question here about do you have the capability to support heterogeneous GP us.

非常好。所以阿爾卡季也許我會去找你。這裡有關於您是否有能力支援異質 GP 我們的具體問題。

Shortly? Yes. So first of all, I would like just to mention that we are following the demand that we see on the market and as the market develops, we will be developing, we are developing what we can provide. So at this, at this point of time, NVJ is the state of art solution. But in our R&D, we have a lot of different options in development and we'll just follow the demand and we'll try to deliver the best possible solution to the customers.

不久？是的。首先，我想說的是，我們正在關注市場需求，隨著市場的發展，我們也在開發我們所能提供的產品。因此，就目前而言，NVJ 是最先進的解決方案。但在我們的研發中，我們有許多不同的開發選擇，我們只會遵循需求，並嘗試為客戶提供最佳的解決方案。

Great. So we're kind of coming up at time here, there were a few questions remaining that were around the GP US, how many we have in operation? Now, how many we anticipate to have by year end and what the outlook is going into? 2025? I'll just, I'll refer people to the various materials that we disclosed a couple of weeks ago because we go into quite a bit of detail around some of the specific capacity numbers there. So I think you'll, you'll find the answers to those questions there. But if you have any follow ups don't hesitate to come to us, but otherwise we're coming up at 6 a.m. in San Francisco time. So let me thank everybody management and, and all of our investors, potential currents for joining us. We're very happy to be back into the public markets. And as I think Cady said, this is really just the beginning, so very excited about continuing the discussion with all of you. So with that, thank you very much and wish everybody a good remaining day afternoon, evening night. Thank you.

偉大的。所以我們在這裡提出一些關於 GP US 的問題，我們有多少個在運作？現在，我們預計到年底會有多少人，前景如何？2025年？我只是會向大家推薦我們幾週前披露的各種材料，因為我們對其中的一些具體容量數字進行了相當詳細的介紹。所以我認為你會在那裡找到這些問題的答案。但如果您有任何後續事宜，請隨時來找我們，否則我們將於舊金山時間早上 6 點到達。因此，我要感謝每一位管理階層以及我們所有的投資者和潛在股東加入我們。我們很高興重返公開市場。我認為，正如凱蒂所說，這真的只是一個開始，所以我非常高興能繼續與大家討論。所以，非常感謝大家，祝大家有個愉快的一天、下午和晚上。謝謝。