Caroline Hyde

And so we're very excited for that.

Chris Bell, you're not that small.

You raised $300 million in April at a foremost $4 billion or $3.3 billion valuation.

I do think there's some value in you explaining what was different this time around in the training of Gen 4.5 and the data set.

What is it that you did differently and that has allowed you to release such a competitive model?

I think there's a lot of different things.

On the one hand, pre-training has been one of our focus for a long time, making sure that both the algorithmic improvements are there, but also the way we caption, we structure data, we build the models themselves and test them.

The best way really to think about a lot of the research is you need to conduct multiple experiments through multiple months.

And there's a lot of learnings within how you run those experiments.

And I think what we're kind of proving is

that infinite resources, I mean, you're right, we're definitely not in the smallest side of a company, but we're not a trillion dollar or $4 trillion company, yet still managing to outcompete the resources of those companies is kind of insane, to be honest.

And I think a lot of it has to do with the experiments and the research taste, which is if you're running all these experiments, how do you make sure they're effective and efficient?

And I think that's something we've done really well, which is focusing a lot on pre-training.

Gen 4.5, apologies, has been released to your enterprise customers straight away.

What's the business model for it?

How do you guys monetize on top of that?

You've just talked a lot about research.

I mean, it's pretty straightforward.

We have subscriptions and we have credits that people can buy to use the model.

We're releasing this model to gaming companies, to studios, to brands, to production companies, to creators around the world.