Tim Clarkson: Right. But my point is you haven’t sold any shares.
Jack Abuhoff: I haven’t sold any shares. That’s correct.
Tim Clarkson: Thank you. I’m done.
Operator: Thank you. That concludes our Q&A session. I’ll now hand the conference back to Jack Abuhoff for closing remarks. Please go ahead.
Jack Abuhoff: Thank you, operator. So yes, to quickly recap today, we announced yet another highly anticipated win. We expect it signed tomorrow, completing our eight week win streak of landing all of the big tech pipeline deals that we presented last quarter is potentially transformative for our company. And this of course includes two new big tech customers and we believe that these are all companies that are widely expected to forge the path forward in generative AI development over the next several years and to spend billions of dollars of CapEx in doing so. We believe these new deals, perhaps individually, but certainly in the aggregate present a potentially transformative opportunity for our company. As you know, we have a solid track record of land and expand with large tech companies.
Now with the additional strong tailwinds of generative AI, we think we’re extremely well positioned for significant growth in the near to medium as well as the long-term. We believe we’re aligned with an exciting growing and dynamic market that we have the right capabilities and a truly blue chip client base at this point. I had a question just a few minutes ago about the Bloomberg report, so maybe I’ll talk just a little bit about that. And it certainly will give you an idea of the magnitude of the opportunity that we’ve gotten the basis for our enthusiasm. Bloomberg released a report stating, and I’ll now quote from the report, “generative AI market is poised to explode”. In the report, Bloomberg estimated that the overall market for generative AI focused IT services, which is what we do, is going to grow from $83 million in 2022 to $21.7 billion by 2027 and to $85.9 billion by 2032, representing a 100% compounded annual growth rate for the 10 year period from 2022 to 2032.
According to Bloomberg also, AI focused IT services are actually among the four hottest market opportunities in generative AI, all with 10 year CAGRs of 100% or more. The other three being generative AI based drug discovery software, generative AI based cybersecurity spending, and generative AI driven ad spending. And in the same report, Bloomberg estimates that generative AI will become an increasingly essential part of IT spending. In fact, I attended a dinner just last week at which the head of technology innovation for one of the world’s largest investment banks, who runs a massive $15 billion IT budget predicted that 20% of his budget will within the next few years be directed toward large language models. It’s pretty incredible. My team and I are energized by what we’ve accomplished by the magnitude of the opportunities we now have to deliver on our mission and by the magnitude of the opportunity that’s in front of us.
So again, thank you all for joining us on our call today. We will look forward to our next call with you.
Operator: Thank you everyone. This concludes today’s event. You may disconnect at this time and have a wonderful day. Thank you for your participation.
