Nebius Group NV (NBIS) 2025 Q2 法說會逐字稿

Thank you, and welcome to Nebius Group's Second Quarter 2025 Earnings Conference Call. Joining me today are Arkady Volozh, Founder and CEO; and our broader management team.

謝謝，歡迎參加 Nebius Group 2025 年第二季財報電話會議。今天與我一起出席的還有創辦人兼執行長 Arkady Volozh 以及我們更廣泛的管理團隊。

Our remarks today will include forward-looking statements, which are based on assumptions as of today. Actual results may differ materially as the results of various factors, including those set forth in today's earnings release and in our annual report on Form 20-F filed with the SEC. We undertake no obligation to update any forward-looking statements.

我們今天的評論將包括前瞻性陳述，這些陳述基於今天的假設。由於各種因素的影響，實際結果可能存在重大差異，包括今天的收益報告中和我們向美國證券交易委員會提交的 20-F 表年度報告中所述的因素。我們不承擔更新任何前瞻性陳述的義務。

During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release, shareholder letter and accompanying investor presentation are available on our website at group.nebius.com investor-hub.

在本次電話會議中，我們將介紹 GAAP 和某些非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對帳。收益新聞稿、股東信函和隨附的投資者介紹可在我們的網站 group.nebius.com investor-hub 上找到。

And now I'd like to turn the call over to Arkady.

現在我想把電話轉給阿爾卡迪。

Thanks, Neil, and thank you to everyone for joining the call today. I am pleased to say that we had an excellent quarter. We more than doubled our revenue for the whole group from Q1, and this quarter, we also became EBITDA positive in our core AI infrastructure business ahead of our previous projections. We could grow faster, but we were oversold on all of our supply of previous generation hoppers, and we decided to wait for the new generation of GPUs to come.

謝謝，尼爾，也謝謝大家今天參加電話會議。我很高興地說，我們度過了一個出色的季度。與第一季相比，我們整個集團的營收成長了一倍以上，本季度，我們的核心 AI 基礎設施業務的 EBITDA 也超出了我們先前的預期。我們可以發展得更快，但我們上一代 GPU 的供應已經超額銷售，因此我們決定等待新一代 GPU 的到來。

And finally, the new Blackwells are coming to the market in masses, and in parallel, we are dramatically increasing our data center capacity. That's why we expect to significantly increase our sales in the -- by the end of this year, and that's why we are increasing our ARR guidance for the year-end from the previous $700 million to $1 billion to a new guidance, which is now $900 million to $1.1 billion.

最後，新款 Blackwell 正在大量進入市場，同時，我們正在大幅提高資料中心的容量。這就是為什麼我們預計到今年年底我們的銷售額將大幅增加，這也是為什麼我們將年底的 ARR 指導從之前的 7 億美元到 10 億美元提高到新的指導，即現在的 9 億美元到 11 億美元。

More -- some more color on capacity front, and I see this as one of the most important updates of this call. We are aggressively ramping up. By the end of this year, we expect to have secured 220 megawatts of connected power that is either active or ready for GPU deployment, and this expansion includes our data centers in New Jersey and Finland. In addition, we have nearly closed on 2 substantial new greenfield sites in the United States. And overall, we are in the process of securing more than 1 gigawatt of power by the end of 2026 to capture industry growth next year.

更多——關於容量方面的更多細節，我認為這是本次電話會議最重要的更新之一。我們正在積極加大力度。到今年年底，我們預計將獲得 220 兆瓦的連接電力，這些電力要么處於活躍狀態，要么已準備好部署 GPU，而此次擴展包括我們在新澤西和芬蘭的資料中心。此外，我們在美國已接近完成 2 個大型新綠地計畫的建設。總體而言，我們正在努力確保到 2026 年底電力供應超過 1 千兆瓦，以抓住明年的產業成長機會。

In addition, we made big enhancements to our software cloud platform, obviously, to support our expanding capacity and to meet the demand of those large-scale clusters. Also, we continue to significantly expand our customer base. We started to gain real traction on the enterprise side, adding large global technology customers such as Cloudflare, Prosus and Shopify. And we still remain a leading new cloud provider for so-called native AI tech startups. We have added customers like HeyGen, Lightning.AI, Photoroom and many, many others.

此外，我們對軟體雲端平台進行了重大改進，顯然是為了支援我們不斷擴大的容量並滿足那些大規模集群的需求。此外，我們也持續大幅擴大我們的客戶群。我們開始在企業方面獲得真正的發展動力，增加了 Cloudflare、Prosus 和 Shopify 等大型全球技術客戶。我們仍然是所謂的原生人工智慧技術新創企業的領先新雲端供應商。我們增加了 HeyGen、Lightning.AI、Photoroom 等許多客戶。

On the financing front, as you already know, we are fortunate to have multiple levers to finance our ambitious growth. We have raised over $4 billion in capital so far. We have a strong balance sheet, as you can see, and we have access to potentially billions of dollars more thanks to our noncore businesses and other equity stakes such as Avride, ClickHouse, Toloka.

在融資方面，正如您所知，我們很幸運能夠擁有多種槓桿來為我們雄心勃勃的成長提供資金。到目前為止，我們已經籌集了超過40億美元的資金。如您所見，我們擁有強大的資產負債表，並且憑藉我們的非核心業務和其他股權（例如 Avride、ClickHouse、Toloka），我們有可能獲得數十億美元的額外收益。

In short, this is an exciting time for Nebius. We are in the midst of a once-in-a-generation opportunity. That's what we believe in. The demand for AI compute is strong and will just get stronger. We are rapidly increasing our capacity to pave the way for accelerated growth in 2026 and beyond.

簡而言之，對於 Nebius 來說，這是一個令人興奮的時刻。我們正處於千載難逢的機會之中。這就是我們的信念。對人工智慧運算的需求強勁，而且將會更加強勁。我們正在迅速提高產能，為 2026 年及以後的加速成長鋪平道路。

Well -- and with that, let me introduce our new Chief Financial Officer, Dado Alonso. Dado, welcome again, and the floor is yours.

好吧——接下來，讓我來介紹一下我們的新任財務長達多·阿隆索 (Dado Alonso)。Dado，再次歡迎您，現在輪到您了。

Thank you, Arkady. I'm really excited to be joining Nebius. I've long believed that AI will fundamentally transform our world, and Nebius is well positioned to make that happen. Of course, I'm also looking forward to getting to know our investors and analysts over the coming months.

謝謝你，阿爾卡季。我很高興加入 Nebius。我一直相信人工智慧將從根本上改變我們的世界，而 Nebius 完全有能力實現這一目標。當然，我也期待在接下來的幾個月裡認識我們的投資人和分析師。

While the details of our Q2 financial performance can be found in our shareholder letter, I'd like to highlight a few key items and then conclude with guidance. We reported $105.1 million in revenue, up 625% year-over-year and up 106% quarter-over-quarter, driven by strength in our core business and a solid execution from our Tripleten team.

雖然我們第二季財務表現的細節可以在股東信中找到，但我想強調幾個關鍵事項，然後得出指導結論。我們報告的收入為 1.051 億美元，同比增長 625%，環比增長 106%，這得益於我們核心業務的強勁表現和 Tripleten 團隊的出色執行力。

Our AI cloud infrastructure revenue increased more than 9x year-over-year, driven by strong customer demand for our copper GPUs and near peak utilization of our platform. Even as we achieve hyper growth, we continue to operate with discipline. This focus allowed us to achieve positive adjusted EBITDA in our core business ahead of our expectations. Below the operating income/loss line, we recorded a gain from revaluation of investment in equity securities related to our equity investment. We also reported a gain from discontinued operations. These 2 nonbusiness-related items made us for the quarter GAAP net income profitable. It is important to notice that we view these gains as onetime in nature.

我們的 AI 雲端基礎架構營收年增了 9 倍以上，這得益於客戶對我們的銅 GPU 的強勁需求以及我們平台的利用率接近高峰。即使我們實現了超速成長，我們仍會繼續嚴格遵守紀律。這種專注使我們的核心業務實現了超出預期的正調整後 EBITDA。在營業收入/虧損線以下，我們記錄了與股權投資相關的股權證券投資重估收益。我們也報告了來自終止經營業務的收益。這兩項與業務無關的項目使我們本季的 GAAP 淨收入實現盈利。值得注意的是，我們認為這些收益本質上是一次性的。

Turning to guidance. We see very strong momentum in our business and demand for AI compute remains exceptionally high. Given our plans to further scale our platform this year, we are updating our full year outlook. For annualized run rate revenue, as Arkady already mentioned, we are raising guidance from $750 million to $1 billion to $900 million to $1.1 billion. This is based on closed contracts for existing and future capacity as well as sales we anticipate for the rest of the year. For our core business revenue, we are maintaining our guidance of $400 million to $600 million.

轉向指導。我們看到我們的業務發展勢頭非常強勁，對人工智慧運算的需求仍然非常高。鑑於我們計劃今年進一步擴大我們的平台，我們正在更新我們的全年展望。對於年化運行率收入，正如 Arkady 已經提到的，我們將預期收入從 7.5 億美元提高到 10 億美元，再提高到 9 億美元，最後提高到 11 億美元。這是基於現有和未來產能的已簽訂合約以及我們對今年剩餘時間的銷售預期。對於我們的核心業務收入，我們維持 4 億至 6 億美元的預期。

Let me share a few points. We continue to experience strong demand and are building capacity to take advantage of the large opportunity in front of us. Of the 220 megawatts of connected power we expect to have at the end of the year, we will have 100 megawatts of active power. And as we are building out our data center capacity, most of our GPU installations will take place in Q4. So we expect our annualized run rate revenue and revenue to be back-end weighted. For group revenue, we are keeping the projections that we already provided, that is group revenue of $450 million to $630 million. This excludes the 2025 revenue guidance of $50 million to $70 million we previously gave for Toloka. As we announced, effective from Q2, we have deconsolidated Toloka from the group.

讓我分享幾點。我們持續感受到強勁的需求，並正在建立產能以利用我們面前的巨大機會。我們預計今年底將擁有 220 兆瓦的連接電力，其中有功電力為 100 兆瓦。隨著我們資料中心容量的擴大，大部分 GPU 的安裝將在第四季度進行。因此，我們預計我們的年化運行率收入和收入將是後端加權的。對於集團收入，我們維持已經提供的預測，即集團收入為 4.5 億至 6.3 億美元。這還不包括我們先前為 Toloka 給出的 2025 年 5,000 萬至 7,000 萬美元的收入預期。正如我們所宣布的那樣，從第二季度開始，我們已將 Toloka 從集團中分離出來。

Turning to adjusted EBITDA. As we previously announced, we expect to be slightly positive by the end of the year at group level, but still we will be negative for the full year. Finally, we are maintaining our CapEx guidance of around $2 billion in 2025.

轉向調整後的 EBITDA。正如我們之前宣布的那樣，我們預計到今年年底集團層面的業績將略有好轉，但全年業績仍將為負數。最後，我們維持 2025 年約 20 億美元的資本支出指引值。

So in closing, we are experiencing hyper growth with demand to support continued strong results. We are investing in capacity to capture the large and growing opportunity in front of us and are positioning the company to become a leader in AI cloud infrastructure. Look, I truly believe the future of Nebius is incredibly bright. We're not just well positioned. We have the resources, the expertise and, most importantly, the team to lead and win. Now let me turn the call over to Neil for Q&A.

總而言之，我們正在經歷超高速成長，需求將支持我們持續強勁的業績。我們正在投資產能，以抓住眼前巨大且不斷成長的機遇，並將公司定位為人工智慧雲端基礎設施領域的領導者。看，我真的相信 Nebius 的未來非常光明。我們不僅僅處於有利地位。我們擁有資源、專業知識，最重要的是，我們擁有領導和取得勝利的團隊。現在，讓我將電話轉給尼爾進行問答。

Great. Thanks, Dado. We've started to collect questions from the online platform, and we'll give it a minute just to consolidate. Great.

偉大的。謝謝，達多。我們已經開始從線上平台收集問題，我們將花一點時間來鞏固。偉大的。

All right. So our first question comes from our analyst from Goldman Sachs, Alex Duval. And maybe I'll give this to Marc. Marc, can you maybe talk about the overall demand environment? And how does demand look like as we're moving into the second half of this year?

好的。我們的第一個問題來自高盛的分析師亞歷克斯杜瓦爾 (Alex Duval)。也許我會把這個給馬克。馬克，您能談談整體需求環境嗎？進入今年下半年，需求狀況如何？

Yes, and thank you, Alex, for the question. The demand environment in the second quarter, as you can tell from our results, was very strong. As we brought on more capacity, we sold through it. And by the end of the quarter, we were at peak utilization. There's a nice trend that we're actually starting to witness.

是的，謝謝你，亞歷克斯，提出這個問題。從我們的結果可以看出，第二季的需求環境非常強勁。隨著我們產能的增加，我們的產品也賣光了。到本季末，我們的利用率已達到高峰。我們實際上開始見證一種良好的趨勢。

As we bring on larger clusters, we are able to bring on new large customers who want to purchase greater and greater capacity. This allows us to expand and diversify our customer base and has been a clear signal there is growing opportunity in the market.

隨著我們引入更大的集群，我們能夠吸引想要購買更大容量的新大客戶。這使我們能夠擴大和多樣化我們的客戶群，並明確表明市場機會正在成長。

This also suggests strong demand to support ramping up our capacity. If we had more capacity in the second quarter, we probably would have sold more as well. At the same time, we were able to improve the maturity of our platform, which has contributed nicely to increasing our competitive win rate, all of which is continuing on into this quarter.

這也顯示強勁的需求將支持我們提高產能。如果我們在第二季擁有更多產能，我們可能也會賣出更多產品。同時，我們能夠提高平台的成熟度，這對提高我們的競爭勝率有很大幫助，所有這些都將在本季度繼續進行。

Great. Thanks, Marc. And that was Marc, our new Chief Revenue Officer. A question on EBITDA. Dado, maybe you can take this one. It's good to see positive adjusted EBITDA for the AI cloud business to come in ahead of expectations. How should we think about adjusted EBITDA for the core business and for the whole group going forward for the remainder of this year?

偉大的。謝謝，馬克。那是馬克，我們的新任首席營收長。關於 EBITDA 的一個問題。Dado，也許你可以拿這個。很高興看到 AI 雲端業務的調整後 EBITDA 超乎預期。我們該如何看待今年剩餘時間內核心業務和整個集團的調整後 EBITDA？

Well, look, we are very pleased to report that our core business reached adjusted EBITDA profitability this quarter ahead of our initial guidance. And looking ahead, we expect the core business to remain positive throughout the rest of the year. At the group level, we anticipate turning adjusted EBITDA positive by the end of the year. However, for the full year, it will remain negative. That said, we expect group adjusted EBITDA to be positive starting next year.

嗯，我們非常高興地報告，本季我們的核心業務實現了調整後的 EBITDA 盈利，超過了我們最初的預期。展望未來，我們預期核心業務在今年剩餘時間內仍將保持積極態勢。在集團層面，我們預計今年底調整後的 EBITDA 將轉為正值。但就全年而言，仍將保持負成長。也就是說，我們預期集團調整後的 EBITDA 從明年開始將為正值。

Great.

偉大的。

Great. Thank you, Dado. And Dado, maybe we'll stick with you. Analyst Nehal Chokshi from Northland is asking about ARR. So really, as we think about ARR for the year, what are the dynamics around ARR? And can you give any update for ARR this quarter?

偉大的。謝謝你，達多。達多，也許我們會支持你。Northland 的分析師 Nehal Chokshi 正在詢問有關 ARR 的問題。那麼，當我們考慮今年的 ARR 時，ARR 周圍的動態是什麼？您能提供本季 ARR 的任何更新資訊嗎？

Sure. Thanks, Nehal. Reality is that we show strong momentum in Q2 with annualized run rate revenue growing from $249 million in March to $430 million in June. While we are not providing monthly ARR updates, I can say that this positive trajectory has continued into July. Looking ahead to our increased annualized run rate revenue guidance, a significant portion of it is already under contract, which gives us a strong visibility.

當然。謝謝，Nehal。事實上，我們在第二季度表現出強勁勢頭，年化運行率收入從 3 月份的 2.49 億美元增長到 6 月份的 4.3 億美元。雖然我們沒有提供每月的 ARR 更新，但我可以說這種積極的趨勢一直持續到 7 月。展望我們增加的年度運行率收入指導，其中很大一部分已經簽訂了合同，這為我們提供了強大的可預見性。

We also see continued strong demand in the market, and as we scale up capacity, we are able to sell it quickly. With additional capacity coming online later this year, we are confident we are on track to deliver on the revised ARR guidance.

我們也看到市場需求持續強勁，隨著產能擴大，我們能夠快速銷售。隨著今年稍後更多產能上線，我們有信心實現修訂後的 ARR 指導。

Great. Thanks, Dado. Dado, maybe staying with you online. It looks like our prior guidance for ARR was $750 million to $1 billion and $400 million to $600 million of core business revenue. We're now increasing the ARR to $900 million to $1.1 billion, but there's no change to the revenue guidance. Can you explain why this is?

偉大的。謝謝，達多。Dado，也許會和你一起上網。看起來我們之前對 ARR 的指導是 7.5 億至 10 億美元，核心業務收入為 4 億至 6 億美元。我們現在將 ARR 提高到 9 億美元至 11 億美元，但收入預期沒有改變。你能解釋一下這是為什麼嗎？

Great. Thanks, Dado. We have a question from Alex Platt, an analyst from DA Davidson, and he's really asking about the 1 gigawatt. So if we're getting to 1 gigawatt of contracted power by the end of '26, how should we think about revenue for next year? And how should we also think about the guidance we gave last quarter for the midterm of getting to mid-single-digit billions of revenue over the next few years? Maybe Marc, do you want to take this?

偉大的。謝謝，達多。我們收到了 DA Davidson 分析師 Alex Platt 的一個問題，他實際上問的是 1 千兆瓦的問題。那麼，如果我們到 26 年底合約電力達到 1 千兆瓦，我們該如何考慮明年的收入？我們還應該如何看待上個季度給予的中期指導，即在未來幾年內實現數十億美元的收入？也許馬克，你想接受這個嗎？

Great. Thanks, doctor. We have a question from Alex Platt, analyst from DA Davidson, and he's really asking about the 1 gigawatts. So if we're getting to 1 gigawatt of contracted power by the end of 26, how should we think about revenue for next year and, how should we also think about the guidance we gave last quarter for the midterm of getting to mid single digit billions of revenue over the next few years? Maybe Mark, do you want to take this?

偉大的。謝謝，醫生。我們收到了 DA Davidson 分析師 Alex Platt 的一個問題，他實際上問的是 1 千兆瓦的問題。因此，如果我們在 2026 年底之前達到 1 千兆瓦的合約電力，我們應該如何考慮明年的收入，以及我們應該如何考慮上個季度給出的中期指導，即在未來幾年內達到數十億美元的收入？也許馬克，你想接受這個嗎？

Certainly. And thank you, Alex, for the question. It's too early for us to provide '26 guidance, and we'll be returning to that question later this year. But for now, we do want to reaffirm our midterm outlook as we are making very good progress towards our goals.

當然。謝謝亞歷克斯提出的問題。現在提供 26 個指導還為時過早，我們將在今年稍後重新討論這個問題。但就目前而言，我們確實想重申我們的中期展望，因為我們正在朝著我們的目標取得非常好的進展。

As we said in our Q1 earnings call, our base case calls for several billion dollars of revenue in the midterm, which means in the next few years. Our base case also assumes that we grow our capacity to support this type of revenue goal from our '25 levels. We also said this guidance does not factor in a large deal from like a frontier AI lab or a hyperscaler. Those transactions would be considered incremental to this guidance. I hope everybody is gathering that our ambition is to grow much larger and much faster, and we are laying that foundation with the 1 gigawatt capacity that we're deploying.

正如我們在第一季財報電話會議上所說，我們的基本預期是中期（也就是未來幾年）實現數十億美元的收入。我們的基本情況也假設我們將從 25 年的水準提高支持此類收入目標的能力。我們也表示，該指導意見並未將前沿人工智慧實驗室或超大規模企業等大宗交易納入考量。這些交易將被視為本指南的增量。我希望大家都明白，我們的目標是發展得更大、更快，我們正在透過部署 1 千兆瓦的容量奠定這一基礎。

Yeah, sure. So yeah, listen, I mean, I think the question of tariffs, this is obviously something that we're following closely. I would say that for now, it's a bit early to say anything definitive, including based on the latest comments we saw overnight. We're still looking into these, but I think the key thing is whatever is determined, obviously this is something that affects all players in our market. And while it's possible we could potentially see some short term fluctuations, we're confident that the market will be able to balance things out going forward.

是的，當然。是的，聽著，我的意思是，我認為關稅問題顯然是我們密切關注的問題。我想說的是，就目前而言，做出任何明確的結論還為時過早，包括基於我們昨晚看到的最新評論。我們仍在研究這些問題，但我認為關鍵是無論確定什麼，這顯然都會影響我們市場的所有參與者。雖然我們可能會看到一些短期波動，但我們相信市場未來能夠實現平衡。

But as we see more, we'll obviously update.

但隨著我們看到更多，我們顯然會更新。

Thank you, Tom.

謝謝你，湯姆。

All right, we get this question quite a bit, what is your return on on CapEx and, that maybe you can help.

好的，我們經常被問到這個問題，您的資本支出回報率是多少，也許您可以提供幫助。

Certainly.

當然。

Look, when we price our GPUs, we aim for healthy margins on a per hour compute basis. For the Hopper generation, we expect to break even in roughly 2 to 3 years on a gross profit level. That includes both the cost of hardware but also the associated operational expenses.

你看，當我們為 GPU 定價時，我們的目標是按每小時計算獲得健康的利潤。對於 Hopper 這一代產品，我們預計大約 2 到 3 年內就能達到毛利收支平衡。這包括硬體成本以及相關的營運費用。

This estimate doesn't factor in our higher margins software and services revenue.

該估計並未將我們利潤更高的軟體和服務收入納入考量。

As those scale, we see potential to shorten the return on invested capital. As for Blackwells, we expect the price at the at the premium, so it's still early to comment on specifics at this age.

隨著這些規模的擴大，我們看到了縮短投資資本回報的潛力。至於 Blackwells，我們預計其價格會偏高，因此現在評論其具體情況還為時過早。

Great. Star. Right. Another question from Alex Duval from Goldman, and this is around capacity and timeline, so, and maybe I'll give this to Andre. Andre, can you maybe walk us through the timeline for the infrastructure build out for this year and and how do we get to, the 220 megawatts this year and maybe some incremental color for next year.

偉大的。星星。正確的。高盛的亞歷克斯杜瓦爾 (Alex Duval) 提出了另一個問題，是關於產能和時間表的，所以，也許我會把這個問題交給安德烈 (Andre)。安德烈，您能否向我們介紹今年基礎建設的時間表，以及如何實現今年的 220 兆瓦目標，以及明年的一些增量目標。

Yeah, sure, Neil. Thanks, Alex, for the question for everyone.

是的，當然，尼爾。謝謝亞歷克斯向大家提出這個問題。

So we are ramping up our capacity to accelerate our growth for the next year and after.

因此，我們正在提高產能，以加速明年及以後的成長。

First of all, we are growing with a number of the regions where we are present in the second half of 2025, we are adding UK, Israel, new site in New Jersey, additional capacity in Finland and Finland and New Jersey.

首先，我們將在 2025 年下半年擴大現有地區的業務，增加英國、以色列、新澤西的新站點，以及芬蘭和芬蘭和新澤西的額外產能。

Our main drivers of the capacity this year.

我們今年產能的主要驅動力。

In currently in New Jersey, we have 200 megawatts in ongoing construction phase. A good part of that will be available this year and the rest in, first half of 2026.

目前在新澤西州，我們有 200 兆瓦的項目正在建設中。其中很大一部分將於今年上市，其餘的將於 2026 年上半年上市。

In Finland, we expect to have an additional 50 megawatts in operations this year, just like we spoke earlier. Yeah.

在芬蘭，我們預計今年將額外投入 50 兆瓦的發電量，就像我們之前所說的。是的。

Right. And Andre, kind of another part of Alex's question is also just, any more details to, for 26 and, some of the the greenfield opportunity we talked about, and maybe just lumping that in with an online question, why Greenfield versus built to suit.

正確的。安德烈，亞歷克斯問題的另一部分也是，對於我們談到的 26 個綠地機會，我們能否提供更多細節，也許可以將其與線上問題結合起來，為什麼是綠地而不是客製化建設。

Yeah, sure, Neil. Well, we are in advanced discussions for a couple of new greenfield sites, each one able to deliver hundreds of megawatts of power in 2026, and we sure will announce, hopefully soon, about that.

是的，當然，尼爾。嗯，我們正在就幾個新的綠地項目進行深入討論，每個項目到 2026 年都能夠提供數百兆瓦的電力，我們肯定會宣布這一消息，希望很快就能宣布。

Regarding the white green fields versus built to suits or cola options, we typically, and we spoke about that a lot. We typically favor greenfields because we can control every aspect of the data center from the design to construction, to the hardware installations and deployment and phasing.

關於白色綠色領域與適合或可樂選項的對比，我們通常談論過很多次。我們通常青睞綠地，因為我們可以控制資料中心的各個方面，從設計到施工，再到硬體安裝、部署和分階段實施。

We can actually tailor the phase phasing according to our demand. And for us, it's cheaper. To build then build a suit, and we are not locked into the long term leases.

我們實際上可以根據我們的需求來定制階段。對我們來說，這更便宜。先建後建，我們不受長期租約的約束。

Also by controlling the design of the building, starting from the, how piperpower is piped into building and, design installation of our own racks and servers, we can achieve a lower total cost of ownership, probably around 20% less than the market average.

此外，透過控制建築物的設計，從如何將 piperpower 輸送到建築物開始，以及設計安裝我們自己的機架和伺服器，我們可以實現更低的總體擁有成本，可能比市場平均水平低 20% 左右。

Thanks, Andre.

謝謝，安德烈。

Maybe we can give this question to our native UK person. Tom, can you maybe shed some light on our UK and and Israeli facilities, what do you see there, what do we see there from an opportunity perspective in those markets and to what extent will we have local infrastructure presence to unlock that op opportunity?

也許我們可以把這個問題問給我們的英國本土人。湯姆，您能否介紹一下我們在英國和以色列的設施，您在那裡看到了什麼，從這些市場的機會角度來看我們看到了什麼，以及我們將在多大程度上擁有本地基礎設施來釋放這一運營機會？

Yeah, I know, absolutely. So I suppose given my accent, I'll start with the UK. I think UK looks great. We think it's a really exciting opportunity there. I mean, obviously, I think everyone knows it's a massive AI markets, definitely the 3rd largest, biggest outside of the US and China.

是的，我完全知道。因此，考慮到我的口音，我想從英國開始。我認為英國看起來很棒。我們認為這是一個真正令人興奮的機會。我的意思是，顯然，我認為每個人都知道這是一個巨大的人工智慧市場，絕對是第三大市場，僅次於美國和中國。

We've been paying quite close attention to what the government's been doing, and they've been taking some quite impressive steps to stimulate growth generally in AI, including confirming 14 billion pounds in private sector investment into AI in the region.

我們一直密切關注政府的行動，他們已經採取了一些相當令人印象深刻的措施來刺激人工智慧的整體成長，包括確認私營部門向該地區的人工智慧投資 140 億英鎊。

So I think probably you'll have many of you have noticed a couple about a month ago we announced our intention to launch our first big facility, GPU cluster in the UK. It's just outside of London, and we expect that to be coming on stream in roughly early early Q4.

所以我想你們中的很多人可能已經注意到了，大約一個月前我們宣布了在英國推出我們的第一個大型設施 GPU 集群的意圖。它就在倫敦郊外，我們預計它將在大約第四季初投入使用。

So actually, we think we're going to be the first to deliver B-300s to the UK market, which we think will be a really interesting opportunity and just generally how we're looking at the commercial opportunity there, this, There's a vibrant market of AI natives startup scaleups, in London and around. There's a big significant enterprise customer presence as well. I mean, you also, what you've seen actually, what we've seen lately is that even some a number of the big global tech companies have been setting up regional hubs, regional R&D facilities, which we think will help to also drive the growth of the ecosystem. So, The other thing I would say is that as we're looking at some specific industry opportunities and creating verticals around them, and one of the most promising that we see right now, among others is the healthcare and life science space. And actually we have a dedicated healthcare and life science team that's led out of the UK and in fact, in this particular area, this is an area where we're working in partnership with Nvidia and we'll soon be announcing some initiatives that will be helping sort of life science startups in the sector. So UK looks great and we're looking forward to being part of that.

因此實際上，我們認為我們將率先向英國市場推出 B-300，我們認為這將是一個非常有趣的機會，而且我們總體上如何看待那裡的商業機會，在倫敦及週邊地區，有一個充滿活力的 AI 原生初創企業擴張市場。還有大量重要的企業客戶。我的意思是，您實際上也看到了，我們最近看到的是，甚至一些大型全球科技公司也一直在建立區域中心、區域研發設施，我們認為這也將有助於推動生態系統的發展。所以，我想說的另一件事是，我們正在尋找一些特定的行業機會並圍繞它們創建垂直行業，而我們目前看到的最有前景的行業之一，其中包括醫療保健和生命科學領域。實際上，我們有一個專門的醫療保健和生命科學團隊，由英國領導，事實上，在這個特定領域，我們正在與 Nvidia 合作，我們很快就會宣布一些舉措，以幫助該領域的生命科學新創公司。所以英國看起來很棒，我們期待成為其中的一部分。

Likewise, Israel, we think there's also a big opportunity there to sort of service what we think is really growing demand in the local AI sector. As in the UK, the government's been doing a reasonable amount, to really develop the ecosystem and stimulate demand. And just generally, we see that Israel seems to be emerging as a quite a dynamic AI hub, globally. So we'll, again with that, we've mentioned this previously, but we'll be launching our GPU cluster there with Nvidia and with that coming up on stream also early Q4, and just generally looking forward to being part of being part of it, tapping into the to the growth of the AI ecosystem. I think there's a big opportunity for us there.

同樣，我們認為以色列也有很大機會滿足當地人工智慧領域日益增長的需求。與英國一樣，政府一直在採取合理措施，真正發展生態系統並刺激需求。總體而言，我們看到以色列似乎正在成為全球一個相當活躍的人工智慧中心。因此，我們再次強調，我們之前已經提到過這一點，但我們將與 Nvidia 一起在那裡推出我們的 GPU 集群，並將在第四季度初投入使用，我們總體上期待成為其中的一部分，利用 AI 生態系統的增長。我認為那裡對我們來說有很大的機會。

So great. Keep you posted.

太棒了。隨時向您通報最新情況。

Thank you, Tom.

謝謝你，湯姆。

Maybe we'll get a data on this question, how do you plan to finance the capacity expansion for this year or next year? Seems like, you'll have to raise a significant amount of capital to achieve your expansion plans.

也許我們會就這個問題得到一個數據，您計劃如何為今年或明年的產能擴張提供資金？看來，您必須籌集大量資金才能實現擴張計劃。

Surely What we are seeing is that our business model is working well.

確實，我們看到我們的商業模式運作良好。

And As we bring new capacity online, we are able to sell it efficiently, which reinforces our confidence to continue investing.

隨著我們推出新的產能，我們能夠有效地銷售它，這增強了我們繼續投資的信心。

Given the strength of the market, we see a clear opportunity to scale and demand our footprint in infrastructure.

鑑於市場的強勁，我們看到了擴大和擴大我們在基礎設施領域的足跡的明顯機會。

We have significant cash on hand and will approach any additional capital raising opportunistically depending, of course, on timing and market conditions. At the moment, our focus is on securing land and power and moving quickly to reach our 1 gigabyte target.

我們手頭上有大量現金，並將根據時機和市場條件，適時進行任何額外的融資。目前，我們的重點是確保土地和電力，並迅速實現 1GB 的目標。

Great.

偉大的。

Thank you, Dad.

謝謝你，爸爸。

Maybe Andre you can take this question, you've announced some some important updates to the software stack, what's most important for your customers?

也許安德烈你可以回答這個問題，你已經宣布了一些軟體堆疊的重要更新，對你的客戶來說最重要的是什麼？

Sure, Neil. Well, our customers who Train or run the AI models and have the AI connected tasks are generally looking for three things.

當然，尼爾。嗯，我們訓練或運行人工智慧模型並執行人工智慧連接任務的客戶通常正在尋找三件事。

They're looking for speed, reliability, and flexibility slash convenience.

他們追求的是速度、可靠性、靈活性和便利性。

And this quarter, we continued to execute on those things and the improvements were also driven and geared towards the black be deploy reins.

本季度，我們繼續執行這些事項，改進也受到黑色部署控制的推動和推動。

On speed, we doubled the speed of our network and that had a direct impact on our ML Perve, benchmark results. We made a great step and, improved reliability by increasing, the resulting number of mean time between failure.

在速度方面，我們將網路速度提高了一倍，這對我們的 ML Perve 基準測試結果產生了直接影響。我們邁出了一大步，透過增加平均故障間隔時間，提高了可靠性。

This was due to improvement, in our core platform and Deployment of our outer heating and health check software that would address potential points of failure before nos actually failed.

這是由於我們的核心平台和外部加熱及健康檢查軟體的部署得到了改進，可以在設備實際發生故障之前解決潛在的故障點。

We also improve flexibility. We made it easy for anyone using the S3 storage, easily migrate the data to do the AI workloads in our clusters network. And this makes it easier for the customers to come to Nas.

我們也提高了靈活性。我們讓任何使用 S3 儲存的人都可以輕鬆遷移資料以在我們的叢集網路中執行 AI 工作負載。這使得顧客更容易來到納斯。

Great, thank.

太好了，謝謝。

You.

你。

Andre.

安德烈。

Andre, maybe sticking with you, Neho from Northland is asking around some of the benchmarks that we've talked about this quarter. Can you maybe elaborate a little more on the MLE?

安德烈，也許和你在一起，來自北國的尼霍正在詢問我們本季討論過的一些基準。您能否更詳細地闡述 MLE ？

Yeah.

是的。

With pleasure. Thanks, Nihil. This quarter, we submitted, MLE trillion 50 results, revealing some quite impressive performance for large scale trading of LAA 31.

榮幸。謝謝，Nihil。本季度，我們提交了 MLE 兆 50 的結果，顯示 LAA 31 大規模交易的表現相當令人印象深刻。

The big 1, 40, 5 billion parameters model.

擁有 140 億、50 億個參數的大型模型。

Basically, in cloud, as we doubled the size of our cluster, the speed scales linearly.

基本上，在雲端中，隨著群集規模的擴大，速度也會呈線性成長。

So, the most impressive part about this is that our results are comparable to bare metal benchmarks, but we accomplished this in the cloud.

因此，最令人印象深刻的是，我們的結果與裸機基準相當，但我們是在雲端實現的。

And for the customers, this is important because it's easier, faster, and more cost-effective in that.

對客戶來說，這很重要，因為它更容易、更快速、更具成本效益。

Yeah, great.

是的，很棒。

Thanks, Andre.

謝謝，安德烈。

We have a question about our inference as a service platform. Maybe I'll ask Roma to elaborate. Roma, can you maybe talk about, our inference as a service platform and also, it looks like you, you've transitioned to a new role, so maybe you can also elaborate on your, on your new, role and what you're working on.

我們對我們的推理即服務平台有一個疑問。也許我會請羅馬詳細說明。羅馬，您能否談談我們的推理即服務平台？另外，看起來您已經轉換了一個新角色，所以也許您也可以詳細說明您的新角色以及您正在做的事情。

Yeah, thank you, Neil. First of all, I'm always happy to talk about in France, about my transition, we now have Mark, that is focusing on scaling our go to market and sales.

是的，謝謝你，尼爾。首先，我很高興在法國談論我的轉變，我們現在有了馬克，他專注於擴大我們的市場和銷售。

And I'm happy to spend time on new initiatives.

我很樂意花時間進行新的舉措。

And of course, we see more and more demand shifting to influence, as all the market.

當然，我們看到越來越多的需求轉向影響力，就像整個市場一樣。

And the strength of neos, is that we build a full stack.

neos 的優點在於我們建立了一個完整的堆疊。

So now we are developing the next layer of our offering very naturally.

因此，現在我們正在非常自然地開發下一層產品。

We do it to enable the AI centric ISPs like product builders and enterprises that apply AI in their critical workflows.

我們這樣做是為了讓以 AI 為中心的 ISP（例如產品製造商和企業）能夠在關鍵工作流程中應用 AI。

And we do it with our fully vertically integrated inference of service product.

我們透過完全垂直整合的服務產品推理來實現這一點。

We're building enterprise grade platform, to deploy and scale, Oweight AI models like lamac when Flags, just released OpenAI, new models, and others.

我們正在建立企業級平台，用於部署和擴展 Oweight AI 模型，例如 Flags 剛剛發布的 lamac、OpenAI、新模型等。

And we focus on high performance and reliability on dedicated infrastructure.

我們專注於專用基礎設施的高效能和可靠性。

Our platform runs on top of Navius's proven scaled infrastructure, and we target to solve the biggest pain points in production AI, unpredictable latency, GPU bottlenecks, and, not enough flexible platforms to build on scale.

我們的平台在 Navius 經過驗證的規模化基礎設施上運行，我們的目標是解決生產 AI 中的最大痛點、不可預測的延遲、GPU 瓶頸以及缺乏足夠靈活的平台來大規模構建。

Great. Thanks, Ron.

偉大的。謝謝，羅恩。

Next question is around some of the new large customer wins like Shopify, maybe Mark, you can take this was were these deals competitive?

下一個問題是關於一些新的大客戶，例如 Shopify，也許馬克，你可以認為這些交易是否有競爭力？

What are they using NBS4 and any more color you can provide would be would be super helpful.

他們使用 NBS4 做什麼？如果您能提供更多信息，將會非常有幫助。

Yes, thank you, Neil. Probably one of the important, highlights that we're observing is as we're making our way through the market, we're actually getting interesting adoption, like big customers like Shopify and I want to add another one to the discussion here, like a cloud flare. I'm very excited about these customers. They They are leaders in their categories. They are pushing the frontier of using AI to build and deliver great solutions, and I've had the privilege of partnering with both of them in the past. Shopify is utilizing Nebius's AI infrastructure along with Tloca's training data in order to optimize every step of the merchant's journey, a very exciting opportunity for us. Likewise, Cloudflare is using nebius to power inference at the edge, a very important part of their overall offering, as a part of their popular, workers' API. Both relationships are growing, and both are scaling opportunities for us. We're also seeing other similar interests from other major technology companies and leaders in their categories reinforcing the opportunity overall in the market.

是的，謝謝你，尼爾。我們觀察到的一個重要亮點可能是，隨著我們進入市場，我們實際上正在獲得有趣的採用，例如像 Shopify 這樣的大客戶，我想在這裡的討論中再添加一個，例如雲耀斑。我對這些顧客感到非常興奮。他們是各自領域的領導者。他們正在突破使用人工智慧建立和提供出色解決方案的界限，過去我有幸與他們合作過。Shopify 正在利用 Nebius 的 AI 基礎設施以及 Tloca 的訓練資料來優化商家旅程的每一步，這對我們來說是一個非常令人興奮的機會。同樣，Cloudflare 正在使用 nebius 來支援邊緣推理，這是其整體產品中非常重要的一部分，也是其流行的工人 API 的一部分。兩種關係都在不斷發展，並且都為我們帶來了擴大的機會。我們也看到其他主要科技公司及其領域領導者也有類似的興趣，這增強了整個市場的機會。

Great. Thanks, Mark. Mark, we also seem to have a question just about, you, looks like, since you've joined IBS, for the past couple of months now, what have been some of your observations and what is your strategy to bringing more long-term contracts and move the company up towards the enterprise market?

偉大的。謝謝，馬克。馬克，我們似乎也有一個問題，自從你加入 IBS 以來，在過去的幾個月裡，你有什麼觀察？你的策略是什麼，以帶來更多的長期合約，並將公司推向企業市場？

I couldn't be more excited. I have to say, even more so than, when I, received the opportunity to join the company. This is a very exciting, organization.

我非常興奮。我必須說，這比我剛獲得加入該公司的機會時更令人欣慰。這是一個非常令人興奮的組織。

We've got great technology, and that's because we have a world class leading team. It's turned out as, you're hopefully hearing in today's call that the market is massive and it's growing quickly.

我們擁有出色的技術，這是因為我們擁有一支世界級的領先團隊。事實證明，希望您在今天的電話會議中聽到的是，這個市場規模巨大，而且成長迅速。

The opportunity for Nebius is to get more structured and methodical, with our go to market and to continue to build out our coverage to be able to proactively pursue the market opportunity.

Nebius 的機會在於透過進入市場變得更加結構化和有條理，並繼續擴大我們的覆蓋範圍，以便能夠主動尋求市場機會。

To that end, we are building out our go to market leadership team, including adding a world-class VP of sales strategy and oper operations, who's actually starting this week.

為此，我們正在組建我們的市場領導團隊，包括增加一位世界級的銷售策略和營運副總裁，他本週就開始上任了。

We're also adding, general managers to lead our businesses in the Americas, Middle East, Asia Pacific and Japan, as well as adding leadership to take on the opportunity around strategic customers and major enterprises. In tandem, we will continue to expand our overall customer facing capacity and distribution capabilities. In the short term, We are focused on pursuing the regional markets of AI builders and targeted software vendors and select enterprise segments in order to be able to develop a strong understanding of the use cases that are winning, and then a deep understanding of the overall customer journey. Midterm and longer term, we intend to cover the entire global IT market with distribution and sales capacity.

我們還增加了總經理來領導我們在美洲、中東、亞太和日本的業務，並增加了領導層來抓住策略客戶和大型企業周圍的機會。同時，我們將繼續擴大我們的整體客戶服務能力和分銷能力。短期內，我們專注於開拓人工智慧建立者和目標軟體供應商的區域市場並選擇企業部門，以便能夠深入了解成功的用例，然後深入了解整體客戶旅程。從中期和長期來看，我們打算以分銷和銷售能力覆蓋整個全球 IT 市場。

Great.

偉大的。

Thanks, Mark.

謝謝，馬克。

We have a question from Alex, our Goldman analyst, around Blackwell demand, and Mark, as we're bringing on the blackwells, what is the demand look like for them?

我們的高盛分析師亞歷克斯 (Alex) 向我們提出了一個問題，關於布萊克韋爾 (Blackwell) 的需求，馬克 (Mark)，當我們引入布萊克韋爾 (Blackwell) 時，對他們的需求是什麼樣的？

Thank you again, Alex. Very thoughtful set of questions today. Well, first of all, let me just clarify, we continue to see really strong demand for the hoppers, in Q2.

再次感謝你，亞歷克斯。今天的問題非常有想法。嗯，首先，讓我澄清一下，我們在第二季度繼續看到對料斗的強勁需求。

As a matter of fact, whenever hopper capacity becomes available, we're selling it very quickly.

事實上，只要有料斗容量可用，我們很快就會將其出售。

We did bring on the B200s, and we are actively selling through them as well. Pricing trends, remain relatively stable for the hoppers even in the context of Blackwell, alternatives, and which are actually coming through with a healthy premium relatively speaking. We're also seeing interest in the Grace Blackwells that are being implemented later this year.

我們確實推出了 B200，並且我們也在積極地透過它們進行銷售。即使在 Blackwell 等替代品的背景下，價格趨勢對於料斗來說仍然保持相對穩定，並且實際上相對而言具有健康的溢價。我們也看到了人們對今年稍後將要實施的 Grace Blackwells 的興趣。

Right, thanks, Mark. Looks like we're getting a question on, partnerships. Looks like you, you've added a number of partners in Q2 and continue to strengthen your relationship with Nvidia. What partnerships do you think are most meaningful and how should we measure the success of these partnerships? You go this to Daniel.

好的，謝謝，馬克。看起來我們正在問一個關於合作關係的問題。看起來您在第二季增加了一些合作夥伴，並繼續加強與 Nvidia 的關係。您認為哪些合作關係最有意義？我們該如何衡量這些合作關係的成功？你把這個交給丹尼爾。

Hey, thanks, Neil. This quarter we made strong progress expanding our reach across the AI ecosystem, through several high-impact partnerships.

嘿，謝謝，尼爾。本季度，我們透過多項具有高影響力的合作，在擴大人工智慧生態系統影響力方面取得了長足的進步。

We launched integrations with Mistral, Base 10, and Sky Pilot, all of which extend our ease of use of our AI cloud and dedication to our developers and model builders by supporting them across their workflows.

我們啟動了與 Mistral、Base 10 和 Sky Pilot 的集成，這些集成通過在整個工作流程中提供支持，擴展了我們的 AI 雲的易用性，並增強了我們對開發人員和模型構建者的奉獻精神。

We also partnered with Lightning AI in any scale extending our presence across both open source tool sets and enterprise users. These collaborations simplify how teams scale and deploy AI workloads using NebiEAS.

我們也與 Lightning AI 進行了大規模合作，擴大了我們在開源工具集和企業用戶中的影響力。這些合作簡化了團隊使用 NebiEAS 擴展和部署 AI 工作負載的方式。

And then on the infrastructure side, we expanded our AI cloud portfolio with Nvidia AI.

然後在基礎設施方面，我們利用 Nvidia AI 擴展了我們的 AI 雲端產品組合。

Prize and became a launch NCP partner for Nvidia DGX Cloud Leptin, further strengthening our position as a high performance AI platform. Ultimately, we measure our success through the adoption of our partner platforms, revenue contribution, and strategic access to new user segments, all of which we've seen trending positively.

獎並成為 Nvidia DGX Cloud Leptin 的啟動 NCP 合作夥伴，進一步鞏固了我們作為高性能 AI 平台的地位。最終，我們透過合作夥伴平台的採用、收入貢獻以及對新用戶群的策略存取來衡量我們的成功，所有這些都我們看到積極的趨勢。

Great.

偉大的。

Thank you, Daniel.

謝謝你，丹尼爾。

Question on utilization, can you discuss utilization trends in the quarter, or even by GPU family. Mark, can you take this one?

關於利用率的問題，您能否討論本季的使用率趨勢，甚至是按 GPU 系列的利用率趨勢。馬克，你能接受這個嗎？

Absolutely. As we've discussed already, we are investing in and building out our infrastructure. And as we bring on more capacity, we're selling through it, and we are able to bring on bigger customers who want to get greater capacity. We're adding more capacity this and next quarter and shifting to selling against future requirements.

絕對地。正如我們已經討論過的，我們正在投資和建立我們的基礎設施。隨著我們擁有更多產能，我們就能透過它進行銷售，並且我們能夠吸引想要獲得更大產能的更大客戶。我們將在本季和下個季度增加產能，並轉向根據未來需求進行銷售。

So ideally what we're building is a model where we can close and drive expansion of future capacity and future versions of GPUs.

因此，理想情況下，我們正在建立一個模型，我們可以關閉並推動未來容量和未來版本的 GPU 的擴展。

Right.

正確的。

Thank you, Mark. Here's a question from Andrew Bee, our analyst from RSA.

謝謝你，馬克。這是來自 RSA 的分析師 Andrew Bee 提出的問題。

On getting large contracts. So some of your competitors are signing, large multi-year deals with hyper scales, what do you need to do to get one of these deals and when can we see one of these deals, Arkady?

關於獲得大合約。所以，您的一些競爭對手正在簽署超大規模的多年期大型交易，您需要做什麼才能獲得這些交易？我們什麼時候可以看到這些交易，Arkady？

Oh yeah, as we previously said, of course, we see a lot of this demand coming from, the top frontier, AI labs, and we actually believe that this will increase in the future. Millions of new GPUs are coming to the market next year and beyond.

哦，是的，正如我們之前所說的，當然，我們看到很多需求來自頂尖前沿的人工智慧實驗室，而且我們實際上相信這種需求在未來會增加。明年及以後，數以百萬計的新 GPU 將進入市場。

In order to capture this demand, actually, yeah, answering the question what we need to do. We, we're doing the main thing, we're increasing our, capacity significantly, increasing this capacity and.

為了滿足這項需求，實際上，是的，回答我們需要做什麼的問題。我們正在做主要的事情，我們正在大幅提高我們的產能，並提高這種產能。

As I said, in the beginning of the call, we are just addressing this issue right now.

正如我在通話開始時所說的那樣，我們現在正在解決這個問題。

Going forward, we hope very much to see, those, big customers among our customers.

展望未來，我們非常希望看到這些大客戶成為我們的客戶。

Because finally we have capacity of their scale.

因為最終我們擁有了他們的規模能力。

And probably just again to remind that all the projections we're making this year in midterm, they do includes these big accounts and those big deals. So if, when they will come, it will all be incremental and will be a nice surprise, I would say, right, not surprise.

可能只是再次提醒一下，我們今年中期做出的所有預測都包括這些大帳戶和大交易。因此，如果當它們到來時，一切都會是漸進的，並且會是一個驚喜，我想說，對，並不奇怪。

Thank you, Arcadi.

謝謝你，阿卡迪。

.

。

A lot of questions on AV ride, including from Alex Platt and from Andrew Bee.

關於 AV 騎行有很多問題，包括來自 Alex Platt 和 Andrew Bee 的問題。

Maybe you can take this, can you provide an update on a ride and any update regarding their strategic partnership and then, really around the potential RoboTaxi launch in Dallas, how is that trend trending.

也許您可以接受這個，您能否提供有關乘車的最新情況以及有關他們的戰略合作夥伴關係的任何最新情況，然後圍繞在達拉斯可能推出的 RoboTaxi，這種趨勢如何發展。

Well, it's to say nothing, to say that we're very excited about AI as a company's future, taking into consideration what's going on in this industry this year.

好吧，這沒什麼好說的，考慮到今年這個行業的發展情況，我們對人工智慧作為一家公司的未來感到非常興奮。

On the future of a right corporate structure as we, spoke many times before, we see a structure, something similar to what, we've done with Taloca. It's a good example of a type of a partnership we are looking for.

關於正確的公司結構的未來，正如我們之前多次談到的，我們看到了與我們在 Taloca 所做的類似的結構。這是我們正在尋找的合作類型的一個很好的例子。

When a strong partner comes to co develop this business and we actually give up control.

當一個強大的合作夥伴來共同開發這項業務時，我們實際上放棄了控制權。

In the meantime, the business is performing extremely well. They continue to scale. As they have two business lines, delivery and autonomous vehicles, and, both on the first line robot side, AI is expanding the coverage, with, the existing partners.

同時，業務表現極為良好。它們繼續擴大規模。由於他們有兩條業務線，即送貨和自動駕駛汽車，並且都處於第一線機器人方面，因此 AI 正在與現有合作夥伴一起擴大覆蓋範圍。

They add, new cities, new areas, the restaurants with Uber.

他們補充說，新的城市、新的地區、有 Uber 的餐廳。

They're launching new, university campuses, in the project with, Grubhub.

他們正在與 Grubhub 合作推出新的大學園區。

And, they also entering the new verticals. Just recently they.

而且，他們也進入了新的垂直領域。就在最近他們。

Signed with a grocery delivery for, the retailer HEB in Texas.

與德州零售商 HEB 的雜貨配送業務簽約。

And also indoor aerobic operations in Japan, that came through a partnership with Mitsu for the Sun.

此外，也透過與三菱電機株式會社 (Mitsu) 合作為《太陽報》在日本進行室內有氧運動。

On the autonomous vehicle side, right is growing its fleet.

在自動駕駛汽車方面，該公司正在擴大其車隊。

As they're partners with Hyundai.

因為他們是現代的合作夥伴。

And they expanded their road tests in Dallas.

他們還擴大了在達拉斯的道路測試。

And, they're looking forward to launch their Robotaxi service with Uber later this year because they have, they signed this partnership really.

而且，他們期待在今年稍後與 Uber 合作推出 Robotaxi 服務，因為他們已經簽署了這項合作協議。

So We believe it's a great business, and we believe that this is a source of significant value for our company, for the group.

因此，我們相信這是一項偉大的事業，我們相信這對我們公司、對集團來說是一個重大的價值來源。

Great.

偉大的。

Thank you, Arkadi.

謝謝你，阿爾卡迪。

A few questions around our sources of funding, last quarter we talked about potentially tapping into our non-core businesses and equity investments to fund growth of the core business. Any updates that we can share, Tom, would you like to take this?

關於我們資金來源的幾個問題，上個季度我們談到了利用非核心業務和股權投資來資助核心業務的成長。我們可以分享什麼最新消息嗎，湯姆，你願意接受這個嗎？

Yeah, I'm happy to kind of catch up on this. I mean, I think that, as we talked about, first of all, I would maybe just touch briefly on sort of two significant equity stakes. So Taoka, which you saw this quarter, actually, we were very pleased that they were able to raise growth capital in a transaction that was led by Bezos expeditions, and it's. They're doing great things, doing a lot of stuff in the kind of complex AI data task world, and actually their customers are a number of the major AI labs and others. You may have seen in this industry generally is a hot one, scale AI, which is a a comp for them, recently sold about half the company at a $30 billion dollar valuation. So we think that there is a very significant upside to to locals business prospects and valuation. And what was important for us in that deal was that we retained a significant majority economic interest. So we feel like we have a lot of exposure to the upside as and when we feel it's the right time to TRY and tap into that.

是的，我很高興能夠了解這一點。我的意思是，我認為，正如我們所討論的，首先，我可能只是簡單談一下兩種重要的股權。因此，您在本季度看到的 Taoka，實際上，我們很高興他們能夠在由貝佐斯探險隊領導的交易中籌集成長資本，而且是這樣。他們在做著偉大的事情，在複雜的人工智慧資料任務領域做了很多事情，實際上他們的客戶是許多主要的人工智慧實驗室和其他機構。您可能已經看到，這個行業總體上是一個熱門行業，Scale AI 是他們的競爭對手，最近以 300 億美元的估值出售了該公司大約一半的股份。因此，我們認為本地商業前景和估值具有非常顯著的上升空間。對我們來說，在這筆交易中重要的是我們保留了相當多數的經濟利益。因此，我們覺得，當我們覺得現在是嘗試和利用這些優勢的正確時機時，我們就有很大的上行空間。

With regards to Clerkhouse, it's also, you've you've seen Clerkhouse in the news in the last quarter, we, retain a minority economic interest in this business. The previous valuation, it had the $22 billion in a transaction in 22, but in the latest capital raise, there was a reported valuation of around $6 billion.

關於 Clerkhouse，正如您在上個季度的新聞中看到的，我們在這項業務中保留了少數經濟利益。先前的估值是，它在 22 年的交易中獲得了 220 億美元的估值，但在最近的融資中，據報導估值約為 60 億美元。

And the way that we're thinking about that stake is that I think that right now we still think there's a lot of value to be created in the business, but if there were to be a liquidity events in the coming years at a significantly higher valuation, then that's something that we would consider and we think potentially that could be the source of really several billion dollars, but we'll obviously see how the business goes.

我們對這些股份的看法是，我認為現在我們仍然認為這項業務有很多價值可以創造，但如果未來幾年在估值大幅提高的情況下出現流動性事件，那麼我們會考慮這一點，我們認為這可能會成為數十億美元的資金來源，但我們顯然會觀察業務的進展情況。

And otherwise, yeah, as we have our wholly owned, autonomous vehicle business. I think Arkady's really probably already touched on that, but again, they're doing really well. They've, in the last quarter entered into partnerships with the likes of Uber, Grubhub, Raquian and others. Waymo is obviously a comp, in that sector and it has been valued around 40, 50 billion. So this is sort of we hope the direction that we can be going in with this business and actually, DA Davidson, our covering analyst from there, actually recently put out a note on ABride setting out some of the value potential, which I refer people to. So look, these are great businesses. We don't have any immediate need to do anything that we think that there's still a lot of value to be created in all of them, and we'll watch that closely, but we do very much keep this in mind as potential sources of capital that can help us accelerate. Investment into the core of the AI AI infrastructure business.

是的，因為我們擁有全資擁有的自動駕駛汽車業務。我認為 Arkady 可能已經觸及了這一點，但同樣，他們做得非常好。他們在上個季度與 Uber、Grubhub、Raquian 等公司建立了合作關係。Waymo 顯然是該領域的競爭對手，其估值約為 400 億至 500 億美元。所以這就是我們希望在這個業務上能夠發展的方向，實際上，我們的分析師 DA Davidson 最近在 ABride 上發表了一篇報告，列出了一些價值潛力，我建議大家參考一下。所以你看，這些都是很棒的企業。我們目前不需要做任何事情，我們認為所有這些事情都還有很大的價值可以創造，我們會密切關注這一點，但我們確實非常重視這一點，將其作為可以幫助我們加速發展的潛在資本來源。投資AI人工智慧基礎設施業務的核心。

Right.

正確的。

Let's see, question on leptin Nvidia leptin, what, how is Nvidia leptin impacting our business, maybe Roma, you don't take this?

讓我們看看，關於瘦素 Nvidia 瘦素的問題，什麼，Nvidia 瘦素如何影響我們的業務，也許羅馬，你不接受這個嗎？

Yeah, thank you. .

是的，謝謝。。

I think that now, actually it was from the launch of Lepton Marketplace. We are one of the largest partner, of media there and we see that, it generates quite, Significant pipeline of the customers who start using via lepton, and then they continue directly with us.

我認為現在，實際上它是從 Lepton Marketplace 推出開始的。我們是那裡最大的媒體合作夥伴之一，我們看到，它為透過 lepton 開始使用並繼續直接與我們合作的客戶產生了相當重要的管道。

So, in general, we think that, this partnership, is a very good, extension to all the rest of the job we do together with Nvidia.

因此，總的來說，我們認為，這種合作關係是我們與 Nvidia 共同開展的所有其他工作的非常好的延伸。

And this is one of the efforts now to develop the ecosystem partnerships, the channel partnerships, and value added partners that we mentioned already on this call.

這是目前我們為發展生態系統合作夥伴關係、通路合作夥伴關係和增值合作夥伴所做的努力之一，我們在本次電話會議上已經提到過。

Great, thank you, Roma. And maybe there our last question, Europe is ramping up its AI investments. Do you expect to benefit from this? Maybe through public private partnerships, Arkady?

太好了，謝謝你，羅馬。這也許是我們的最後一個問題，歐洲正在加大對人工智慧的投資。您希望從中受益嗎？也許可以透過公私合作夥伴關係，Arkady？

In short, the answer is yes, of course. The longer answer is that we're very well connected in Europe, we came from Europe.

簡而言之，答案當然是肯定的。更長的答案是，我們與歐洲的聯繫非常緊密，我們來自歐洲。

We have and we'll have even more data centers in Europe.

我們在歐洲擁有並將繼續擁有更多的資料中心。

And I don't know, I'm sure that we will be, we are actually, we will stay, we will be one of the major AI infrastructure builder in Europe.

我不知道，但我確信我們會是，實際上我們會是，我們會繼續成為，歐洲主要的人工智慧基礎設施建設者之一。

Great one of all key markets.

所有主要市場中最為出色的一個。

Thank you Arkadi.

謝謝你，阿爾卡迪。

All right, I think that's a wrap for today.

好的，我想今天就到這裡了。

Thank you everyone for joining. I appreciate, everyone for attending our call and we'll be talking to you all soon. Thanks.

感謝大家的參與。我感謝大家參加我們的電話會議，我們很快就會與大家交談。謝謝。