Carmen Li

So we do reserve contracts, forward contracts, as well as refurbished contracts.

It's a great question.

So the compute market right now for compute change, we have all our provider, mostly are new clouds around the world.

It's one side.

Another side is a big variety from AI startup.

So even though they are startup, they spend millions of dollars on GPUs already.

They are enterprises who are traditional businesses, but they are needing a node, two nodes, a few servers here and there for their inferencing or, I don't know, other deployment needs.

They are providers.

They are inferencing providers, right?

They don't own GPUs, but they provide open source, open weights, model support for other use cases.

So we see a big variety, most North American firms.

They do a variety of combination of contracts.

Obviously, on-demand give you the most flexibility.

You don't pay when you don't use it.

However, you're also at the mercy of demand-supply curve at any given time.

So translate to your price can go from $3 to $6 to $9, depends on demand-supply curve shifting.

So that doesn't help when you can have a predictable margin.

And also in terms of scarce, you're not guaranteed for GPU resources for next hour or next month.

So you see a lot of people shifting from on-demand to reserve even forward contracts, right?

So forward contracts, you basically lock in deliverables for next whatever month, right?