Brandon McBee

So what I'm highlighting, I want to correct a number I said earlier.

Our financial service clients, and this is direct to those financial services, they're approaching $10 billion in backlog.

So this would be a good example of this, and that's something we made recently, is with Jane Street.

That's not Jane Street coming through OpenAI or Anthropic to get to us.

That is Jane Street coming directly to us and using our platform.

It's training.

At the end of the day, we don't know what exact workloads these entities are running, especially for entities like Jane Street.

I would imagine that's highly secretive.

Yeah.

But the point I would say is more that

This is not them coming through an AI lab to us.

They are interfacing with and managing the infrastructure directly on our platform.

And that's a really important distinction as we grow this diversified client base.

And again, I think that we've just done a wonderful job of executing on that over the past year.

I don't think that we're exposed to that decision-making with the AI labs as counterparties to us.

The observation I would make in a behavior change for the AI labs is they want access to more infrastructure for longer duration, right?

And I'll qualify that a little bit, which is

Two years ago, we were signing three-year committed contracts.

The type of contracts we sign are basically like take-or-pay contracts, which is the best way to finance the infrastructure that we are building for our clients.

Last year, it was four-year contracts.