As major U.S. telecommunications providers get ready to launch their 5G networks, Red Hat CEO Jim Whitehurst said his company is poised to be a major benefactor of the shift.
"All the major telcos are going to a technology called OpenStack, and we're the largest provider of OpenStack, we're the largest contributor to that whole set of technologies, so we expect it could be quite large for us," Whitehurst told "Mad Money" host Jim Cramer on Wednesday. "In fact, three of the four large telcos in the U.S. already have eight-figure relationships with us in place, and those are really just scratching the surface with very small implementations."
Despite the tens of millions of dollars those providers are paying to Red Hat, Whitehurst downplayed the 5G transformation in the company's post-earnings conference call.
The CEO said he wanted to mute expectations because the 5G space is a new market for his open-sourced software giant.
Watch the full segment here: