Sebastiano Petti
JPMorgan Chase & Co, Research Division

Hi, everyone. My name is Sebastiano Petti and I follow the communications sector here at JPMorgan. It is my pleasure to introduce Dave Schaeffer, Founder and CEO of Cogent Communications. Dave, thanks for joining us today.

David Schaeffer
Founder, Chairman, CEO & President

Sebastiano, thanks for hosting me. I'd like to always thank JPMorgan for a great venue. And importantly, thank investors for taking time out of their busy day.

Sebastiano Petti
JPMorgan Chase & Co, Research Division

Well, so just to start us off here, looking back, you closed the Sprint fiber acquisition in 2023. You laid out a multiyear vision, which was to convert data centers, launch waves, migrate more traffic on-net and ultimately emerge as a structurally different company. Now that we're 3 years in, I mean, what has played out as expected? And maybe what has surprised you along the path?

David Schaeffer
Founder, Chairman, CEO & President

Yes. So I think there are 3 different parts to that answer. The first one is the conversion of the Sprint network into a wave-enabled network has pretty much played out as we expected in terms of the conversion. We initially set out to wave-enable 800 data centers. There have been additional data centers brought online and today, we're in 1,107 data centers.

I think the aggregate demand for those services turned out to be better than we expected and that there is a fourth incremental use case. That incremental use case is AI training. What