[
  {
    "i": 0,
    "speaker": "Speaker 1",
    "text": "We believe that the future is going to be a hybrid of server and local for a"
  },
  {
    "i": 1,
    "speaker": "Speaker 1",
    "text": "genic inference. The data center is coming to your laptop. People are tired"
  },
  {
    "i": 2,
    "speaker": "Speaker 1",
    "text": "of token maxing and paying half a billion dollars a month on you know"
  },
  {
    "i": 3,
    "speaker": "Speaker 1",
    "text": "whatever frontier model tokens that are running on the server. I think what you"
  },
  {
    "i": 4,
    "speaker": "Speaker 1",
    "text": "really want long term is really high token value per watt per user and I"
  },
  {
    "i": 5,
    "speaker": "Speaker 1",
    "text": "think the best way to do that is to orchestrate intelligence, accuracy,"
  },
  {
    "i": 6,
    "speaker": "Speaker 1",
    "text": "privacy and cost all simultaneously. That's an orchestration problem and so"
  },
  {
    "i": 7,
    "speaker": "Speaker 1",
    "text": "that's why we build perplexity computer which we think is an AI operating system."
  },
  {
    "i": 8,
    "speaker": "Speaker 1",
    "text": "It takes objectives instead of instructions and puts together"
  },
  {
    "i": 9,
    "speaker": "Speaker 1",
    "text": "everything AI can do in one single unified system and earlier perplexity"
  },
  {
    "i": 10,
    "speaker": "Speaker 1",
    "text": "computer orchestrated across models files and tools now it can orchestrate"
  },
  {
    "i": 11,
    "speaker": "Speaker 1",
    "text": "across multiple systems."
  },
  {
    "i": 12,
    "speaker": "Speaker 1",
    "text": "It can also work across chips that is the chip that's on your local computer as well as the chips that are on the servers like GPU racks and that's the hybrid"
  },
  {
    "i": 13,
    "speaker": "Speaker 1",
    "text": "agent and inference that we announced yesterday with Intel but we are chip"
  },
  {
    "i": 14,
    "speaker": "Speaker 1",
    "text": "agnostic and we are working together with everybody including Nvidia and RTX"
  },
  {
    "i": 15,
    "speaker": "Speaker 1",
    "text": "and Apple and Mac so I think that's the power of perplexity. It's a neutral model"
  },
  {
    "i": 16,
    "speaker": "Speaker 2",
    "text": "agnostic chip agnostic orchestrator. And you also have a partnership for your"
  },
  {
    "i": 17,
    "speaker": "Speaker 2",
    "text": "personal computer your agent-provided computer."
  },
  {
    "i": 18,
    "speaker": "Speaker 2",
    "text": "So you're a personal agent product for Microsoft now if you can tell us more so is that targeting"
  },
  {
    "i": 19,
    "speaker": "Speaker 2",
    "text": "enterprise customers?"
  },
  {
    "i": 20,
    "speaker": "Speaker 1",
    "text": "That's correct so both enterprise and consumer so we announced a bundle of perplexity computer integrations with all of Microsoft 365 software."
  },
  {
    "i": 21,
    "speaker": "Speaker 1",
    "text": "So first of all there's another thing I need to introduce which is a personal computer so which is a version of perplexity computer that connects your local files."
  },
  {
    "i": 22,
    "speaker": "Speaker 1",
    "text": "It lives inside your desktop."
  },
  {
    "i": 23,
    "speaker": "Speaker 1",
    "text": "And so it has access to all your local files your local apps and so on."
  },
  {
    "i": 24,
    "speaker": "Speaker 1",
    "text": "And we made a big announcement on the Mac ecosystem about a month ago."
  },
  {
    "i": 25,
    "speaker": "Speaker 1",
    "text": "And obviously a lot of our windows users were like we want this we want the same thing."
  },
  {
    "i": 26,
    "speaker": "Speaker 1",
    "text": "And so we first started off with office 365 integrations and then tomorrow we're going to announce a version of a personal computer for windows."
  },
  {
    "i": 27,
    "speaker": "Speaker 1",
    "text": "And so it'll do everything that we did on Mac on the windows ecosystem."
  },
  {
    "i": 28,
    "speaker": "Speaker 1",
    "text": "And so that's what we're excited about."
  },
  {
    "i": 29,
    "speaker": "Speaker 1",
    "text": "We're going to put out a waitlist."
  },
  {
    "i": 30,
    "speaker": "Speaker 1",
    "text": "and we're going to be launching it later this month."
  },
  {
    "i": 31,
    "speaker": "Speaker 2",
    "text": "Okay, so it'll be this month that you're looking to roll that out."
  },
  {
    "i": 32,
    "speaker": "Speaker 1",
    "text": "The waitlist is going to go out tomorrow,"
  },
  {
    "i": 33,
    "speaker": "Speaker 1",
    "text": "and the actual app will be shipped later this month."
  },
  {
    "i": 34,
    "speaker": "Speaker 2",
    "text": "And, you know, like for companies like Microsoft and Apple,"
  },
  {
    "i": 35,
    "speaker": "Speaker 2",
    "text": "they have their own ecosystem or hardware."
  },
  {
    "i": 36,
    "speaker": "Speaker 2",
    "text": "So, you know, for Perplexity, how does not having, you know,"
  },
  {
    "i": 37,
    "speaker": "Speaker 2",
    "text": "your own ecosystem or hardware impact the long-term viability of your product?"
  },
  {
    "i": 38,
    "speaker": "Speaker 2",
    "text": "Is there a risk that these big ecosystem players"
  },
  {
    "i": 39,
    "speaker": "Speaker 2",
    "text": "could favor their own AI products down the line?"
  },
  {
    "i": 40,
    "speaker": "Speaker 1",
    "text": "I think they absolutely will try to build their own AI systems,"
  },
  {
    "i": 41,
    "speaker": "Speaker 1",
    "text": "but we believe we are building the most versatile operating system"
  },
  {
    "i": 42,
    "speaker": "Speaker 1",
    "text": "by making it work across different models, across different chips,"
  },
  {
    "i": 43,
    "speaker": "Speaker 1",
    "text": "across different, you know, traditional operating systems,"
  },
  {
    "i": 44,
    "speaker": "Speaker 1",
    "text": "different hardware providers, different laptops."
  },
  {
    "i": 45,
    "speaker": "Speaker 1",
    "text": "And that hybrid neutral orchestration layer"
  },
  {
    "i": 46,
    "speaker": "Speaker 1",
    "text": "is what we are building."
  },
  {
    "i": 47,
    "speaker": "Speaker 1",
    "text": "And that allows us to balance all these different objectives simultaneously."
  },
  {
    "i": 48,
    "speaker": "Speaker 1",
    "text": "Now, for example, like you would want to like specifically focus"
  },
  {
    "i": 49,
    "speaker": "Speaker 1",
    "text": "on Microsoft software inside Windows,"
  },
  {
    "i": 50,
    "speaker": "Speaker 1",
    "text": "but there's a lot of like desktop apps and hardware advantages"
  },
  {
    "i": 51,
    "speaker": "Speaker 1",
    "text": "the Mac ecosystem has that, you know,"
  },
  {
    "i": 52,
    "speaker": "Speaker 1",
    "text": "a company like Microsoft wouldn't be able to focus on."
  },
  {
    "i": 53,
    "speaker": "Speaker 1",
    "text": "Whereas Perplexity can do all of that."
  },
  {
    "i": 54,
    "speaker": "Speaker 1",
    "text": "Like we can build models that can be very efficient locally on Mac minis,"
  },
  {
    "i": 55,
    "speaker": "Speaker 1",
    "text": "as well as RTX, as well as Intel Arc,"
  },
  {
    "i": 56,
    "speaker": "Speaker 1",
    "text": "and all these like, like all these different work streams"
  },
  {
    "i": 57,
    "speaker": "Speaker 1",
    "text": "allows us to build something far more versatile"
  },
  {
    "i": 58,
    "speaker": "Speaker 1",
    "text": "than any of these individual companies that are focusing purely on their own ecosystem."
  },
  {
    "i": 59,
    "speaker": "Speaker 2",
    "text": "Yeah. And also as more companies go deeper into AI agents now,"
  },
  {
    "i": 60,
    "speaker": "Speaker 2",
    "text": "I want to ask you about the competition"
  },
  {
    "i": 61,
    "speaker": "Speaker 2",
    "text": "and how you're differentiating yourself a bit more."
  },
  {
    "i": 62,
    "speaker": "Speaker 2",
    "text": "So say if other companies were to copy your feature,"
  },
  {
    "i": 63,
    "speaker": "Speaker 2",
    "text": "what will still be hard for others to replicate?"
  },
  {
    "i": 64,
    "speaker": "Speaker 1",
    "text": "I think the primary focus of"
  },
  {
    "i": 65,
    "speaker": "Speaker 1",
    "text": "Perplexity since the beginning has always been accuracy"
  },
  {
    "i": 66,
    "speaker": "Speaker 1",
    "text": "and model agnostic orchestration."
  },
  {
    "i": 67,
    "speaker": "Speaker 1",
    "text": "So OpenAI and Anthropic are actually model providers inside Perplexity."
  },
  {
    "i": 68,
    "speaker": "Speaker 1",
    "text": "So any time their models actually get better,"
  },
  {
    "i": 69,
    "speaker": "Speaker 1",
    "text": "Perplexity as a product also gets better."
  },
  {
    "i": 70,
    "speaker": "Speaker 1",
    "text": "Just to give you an another way to think about it,"
  },
  {
    "i": 71,
    "speaker": "Speaker 1",
    "text": "Anthropic has made a tremendous amount of progress"
  },
  {
    "i": 72,
    "speaker": "Speaker 1",
    "text": "in their models since the beginning of the year."
  },
  {
    "i": 73,
    "speaker": "Speaker 1",
    "text": "And what has that led to for Perplexity?"
  },
  {
    "i": 74,
    "speaker": "Speaker 1",
    "text": "Well, I think the biggest thing is that three times"
  },
  {
    "i": 75,
    "speaker": "Speaker 1",
    "text": "revenue growth since just the beginning of the year."
  },
  {
    "i": 76,
    "speaker": "Speaker 1",
    "text": "In five months, we have tripled our annualized revenue,"
  },
  {
    "i": 77,
    "speaker": "Speaker 1",
    "text": "thanks to model advances that have been made by Anthropic."
  },
  {
    "i": 78,
    "speaker": "Speaker 1",
    "text": "So it might look like they're competing with Claude or something,"
  },
  {
    "i": 79,
    "speaker": "Speaker 1",
    "text": "but what's actually going on is every time there's a competition"
  },
  {
    "i": 80,
    "speaker": "Speaker 1",
    "text": "of the model layer between companies like OpenAI and Anthropic,"
  },
  {
    "i": 81,
    "speaker": "Speaker 1",
    "text": "or every time there's a competition on the local chip layer between Intel and NVIDIA,"
  },
  {
    "i": 82,
    "speaker": "Speaker 1",
    "text": "or any time there's a competition on the traditional OS layer between Apple and Microsoft,"
  },
  {
    "i": 83,
    "speaker": "Speaker 1",
    "text": "the biggest thing is that the model layer is not the same as the actual model layer."
  },
  {
    "i": 84,
    "speaker": "Speaker 1",
    "text": "So the biggest beneficiary of this is Perplexity,"
  },
  {
    "i": 85,
    "speaker": "Speaker 1",
    "text": "because we are orchestrating across all of these different providers,"
  },
  {
    "i": 86,
    "speaker": "Speaker 1",
    "text": "all of these different ecosystems, all of these different hardware providers."
  },
  {
    "i": 87,
    "speaker": "Speaker 1",
    "text": "And so that's why our business is going really, really well."
  }
]