Gary Smith

I get asked the question around, you know, all of these data centers, are we in another bubble around all of that and the rest of it? I mean, you know, listen, I think specifically around the data center piece, I think there's an insatiable demand for compute to build out compute power. Now, you know, These things always take longer than we all think to monetize and the rest of it.

I get asked the question around, you know, all of these data centers, are we in another bubble around all of that and the rest of it? I mean, you know, listen, I think specifically around the data center piece, I think there's an insatiable demand for compute to build out compute power. Now, you know, These things always take longer than we all think to monetize and the rest of it.

I get asked the question around, you know, all of these data centers, are we in another bubble around all of that and the rest of it? I mean, you know, listen, I think specifically around the data center piece, I think there's an insatiable demand for compute to build out compute power. Now, you know, These things always take longer than we all think to monetize and the rest of it.

So we're probably going to go through some iterations onto that. But to answer your real question, I'm actually of the opposite view this time around. I think we're underestimating the amount of traffic and bandwidth that will be required. to go do this because we're already seeing a clip up in cloud traffic and we're pretty well placed to see that.

So we're probably going to go through some iterations onto that. But to answer your real question, I'm actually of the opposite view this time around. I think we're underestimating the amount of traffic and bandwidth that will be required. to go do this because we're already seeing a clip up in cloud traffic and we're pretty well placed to see that.

So we're probably going to go through some iterations onto that. But to answer your real question, I'm actually of the opposite view this time around. I think we're underestimating the amount of traffic and bandwidth that will be required. to go do this because we're already seeing a clip up in cloud traffic and we're pretty well placed to see that.

Now, how much of that could I attribute to AI and the rest of it? Yeah, for sure. Some of it is, but I've got no way of really discerning which bit is which and it's not our network. But there's a definite uptick in cloud traffic just to connect to all of these data centers.

Now, how much of that could I attribute to AI and the rest of it? Yeah, for sure. Some of it is, but I've got no way of really discerning which bit is which and it's not our network. But there's a definite uptick in cloud traffic just to connect to all of these data centers.

Now, how much of that could I attribute to AI and the rest of it? Yeah, for sure. Some of it is, but I've got no way of really discerning which bit is which and it's not our network. But there's a definite uptick in cloud traffic just to connect to all of these data centers.

We are absolutely seeing that and I think that's going to continue because you've got a lot more data centers coming online in the next 18 months to two years around the world. But if they're going to, you know, monetize any of that, they've got to be all be connected for, you know, learning and training and the rest of it.

We are absolutely seeing that and I think that's going to continue because you've got a lot more data centers coming online in the next 18 months to two years around the world. But if they're going to, you know, monetize any of that, they've got to be all be connected for, you know, learning and training and the rest of it.

We are absolutely seeing that and I think that's going to continue because you've got a lot more data centers coming online in the next 18 months to two years around the world. But if they're going to, you know, monetize any of that, they've got to be all be connected for, you know, learning and training and the rest of it.

And that's before, you know, I'd argue you've even really seeing, you know, the applications in there for like medical use or, you know, the verticalization. I mean, we're using, you know, your chat GPTs and the rest of it. That's generating traffic. Sure. But yeah. you start to get to any of that medical usage, for example, and the amount of graphics that are required in there.

And that's before, you know, I'd argue you've even really seeing, you know, the applications in there for like medical use or, you know, the verticalization. I mean, we're using, you know, your chat GPTs and the rest of it. That's generating traffic. Sure. But yeah. you start to get to any of that medical usage, for example, and the amount of graphics that are required in there.

And that's before, you know, I'd argue you've even really seeing, you know, the applications in there for like medical use or, you know, the verticalization. I mean, we're using, you know, your chat GPTs and the rest of it. That's generating traffic. Sure. But yeah. you start to get to any of that medical usage, for example, and the amount of graphics that are required in there.

Graphics are about 10 to 20 times more bandwidth consuming than normal data. And so if you start to get to the monetization of that through these kind of vertical applications and the rest of it, I think we're underestimating the amount of the amount of traffic that's gonna be there.

Graphics are about 10 to 20 times more bandwidth consuming than normal data. And so if you start to get to the monetization of that through these kind of vertical applications and the rest of it, I think we're underestimating the amount of the amount of traffic that's gonna be there.

Graphics are about 10 to 20 times more bandwidth consuming than normal data. And so if you start to get to the monetization of that through these kind of vertical applications and the rest of it, I think we're underestimating the amount of the amount of traffic that's gonna be there.

I think about it like this. Don't confuse compute capacity with the network. You know, the network is always the afterthought to all of this. It's, oh, my gosh, yeah, I do actually need to connect these data centers. And yes, I do need. They're thinking about, so what's the hierarchy of their thought process? It's, you know, I need the compute. I need the power. I need the space.

I think about it like this. Don't confuse compute capacity with the network. You know, the network is always the afterthought to all of this. It's, oh, my gosh, yeah, I do actually need to connect these data centers. And yes, I do need. They're thinking about, so what's the hierarchy of their thought process? It's, you know, I need the compute. I need the power. I need the space.