Databricks expects to have a $3 billion annual revenue run rate exiting its fourth quarter ending Jan. 31. The company also has more than 500 customers consuming more than $1 million annually.
Expect Regulations For National Security, But Overall Lighter Regulatory Framework
For the most part, tech has done well regardless of presidential administrations due to the light regulation of the overall industry. This has allowed large digital giants to emerge and dominate global markets across a multitude of industries. Amidst a national security backdrop and increasing capital required in the tech arms race, government has been hesitant to over regulate.
Databricks broadened its partnership with Amazon Web Services in a move that will put Databricks Mosaic AI on AWS for custom models. In addition, Databricks will use AWS' Trainium chips as its preferred infrastructure for model training.
Brian Ames, senior manager of production AI and data products at General Motors, said the company has stood up its data factory and plans to layer in generative AI capabilities in the next year.
With generative AI, Databricks is creating a Data Intelligence Platform that includes Delta Lake, a unified data storage system, Tabular, which will bridge Databricks with the Iceberg crowd, the generally available Unity Catalog, and Mosaic AI, Databricks SQL, dashboards and other tools.
Databricks said it has acquired Tabular, a data management company founded by the original creators of Apache Iceberg. The companies said they're aiming to combine their open-source cred to build interoperable data formats.
Databricks launched DBRX, an open-source large language model that aims to enable enterprises to customize models with their own data.
Two Year IPO Drought Coming To An End
In 2023, only 148 companies completed an initial public offering (IPO). This was the worst year on record and followed a 15% decline from the number of IPO's in 2022, another disappointing year. In 2023, ARM was the sole blockbuster tech IPO.
After a brutal two years with a paucity of tech IPOs, the market is poised for a resurgence in 2024.
Databricks said it will acquire MosaicML, which is a generative AI platform specializing in large language models (LLMs), for $1.3 billion.
