Nutanix (NTNX) shares are seeing a boost this morning after topping fiscal first-quarter earnings estimates.

Nutanix CEO Rajiv Ramaswami joins Yahoo Finance Live to weigh in on the factors that have driven the cloud computing company's growth. Ramaswami states plainly that “every company is a tech company” and thus data management and applications to better manage AI functions are increasingly essential.

Ramaswami teases the rolling out of a new platform, GPT-in-a-Box, which would allow companies to capitalize on AI. In terms of revenue, Ramaswami predicts this platform is “fundamental to every customer” due to the hastening adoption of AI.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Video Transcript

BRAD SMITH: Shares of Nutanix gaining ground this morning. The cloud service provider beat Wall Street expectations in its fiscal first quarter here against the challenged economic backdrop. The company enjoyed boosts across free cash flow and billings but in the fiscal year ahead, they noted it's been a stellar 2023 for the company thus far.

Shares up almost 60% year to date here, a little bit over that as at this point in time. Rajiv Ramaswami who is the Nutanix CEO joins us now. Great to see you, Rajiv. We just were speaking with you in Times Square a few weeks back here off of the investor day, so notably here, going into 2024, and what you've been able to set up and communicate to the investors here on the day and on the back of this report, what are some of the biggest catalysts that you're going to be looking for going into the start of next year?

RAJIV RAMASWAMI: Yeah, I mean, we just, by the way, started our fiscal year. This is our first quarter of the year. And we were pleased about-- we exceeded all our guided metrics, we also were pleased to raise guidance for the full year. And what's driving all of this is at the underlying heart is our customers, every company is a tech company.

Data and applications are critical and where to place them, how to run them are critical to every company, including you at Yahoo, and so this is what we do. We help companies run their applications and manage all their data wherever they'd like to run it inside their data centers, in public clouds or at the edges and that's really at the core driving our growth because it's critical for most companies to go digital.

SEANA SMITH: Rajiv, when it comes to AI and what you are doing there, that's also a big driver here as we look ahead to 2024 and something that you mentioned on the earnings call caught my attention. We've been talking a lot about your products right now and actually also caught the attention of an analyst as well but the GPT-in-a-Box. You have your first big customer it sounds like there.