SAN MATEO, Calif.--(BUSINESS WIRE)--Jan 27, 2025--
Hammerspace, the company orchestrating the next data cycle, today announced the appointment of Jeff Giannetti as its Chief Revenue Officer (CRO) to support rapid growth in demand around the world for its Global Data Platform. With more than three decades of global sales leadership experience, Giannetti will drive the company’s global sales team to continue to accelerate revenue growth, new customer acquisition, and use case expansion within existing customer environments.
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Giannetti joins Hammerspace from WEKA, where he served as CRO since 2022. Giannetti was also CRO at Cleversafe (acquired by IBM) and Deep Instinct and held several leadership positions at organizations including Sun Microsystems, Veeam, Digital Ocean and Forcepoint. He worked in NetApp’s sales organization for more than a decade, where the company grew from $700 million in revenues to over $6 billion during his tenure.
“AI is trending to be the biggest technical development in our lifetime, but the challenge for organizations is creating a data infrastructure that can provide high-performance access to unstructured data anywhere,” said Giannetti. “Hammerspace solves these challenges using a standards-based approach, at a massive scale, while providing orchestration and global namespace capabilities that are wholly unique. I’m thrilled to be a part of Hammerspace, a world-class team enabling organizations to experience the full value of their investments in their AI infrastructure and ecosystem.”
Hammerspace’s Global Data Platform revolutionizes the management of data and storage in a world where digital assets can no longer be locked into a single vendor’s storage silo. It enables organizations to use existing data center and cloud storage resources without compromising the ability to explore artificial intelligence and deep learning (AI/DL) and other next-generation uses to extract unrealized value from their data, wherever it may be.
Giannetti joins at a pivotal time in the rapid growth of Hammerspace. The Tier 0 technology introduced in November of 2024 had already begun to transform GPU computing infrastructure design by transforming local NVMe storage on GPU servers into an ultra-fast, persistent shared storage. By activating this previously “stranded” and siloed local NVMe storage seamlessly into a unified parallel global file system, Tier 0 delivers data directly to GPUs at local NVMe speeds, accelerating checkpointing, reducing power utilization and dramatically improving the cost efficiency of shared storage.
“The days of data silos are behind us. Organizations worldwide are unifying their unstructured data through orchestration, empowering AI, driving GPU performance and unlocking unparalleled efficiency,” said David Flynn, CEO and Co-founder of Hammerspace. “Jeff will be instrumental in building a high-performing global team of sales leaders to help organizations harness the full potential of their data.”
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About Hammerspace
Hammerspace is radically changing how unstructured data is used and preserved. Our Global Data Platform unifies unstructured data across edge, data centers, and clouds. It provides extreme parallel performance for AI, GPUs, and high-speed data analytics, and orchestrates data to any location and any storage system. This eliminates data silos and makes data an instantly accessible resource for users, applications, and compute clusters, no matter where they are located.
Hammerspace and the Hammerspace logo are trademarks of Hammerspace, Inc. All other trademarks used herein are the property of their respective owners.
©2025 Hammerspace, Inc. All rights reserved.
Jeff Giannetti, Hammerspace CRO (Photo: Business Wire)
NEW YORK (AP) — Reviving a campaign pledge, President Donald Trump wants a one-year, 10% cap on credit card interest rates, a move that could save Americans tens of billions of dollars but drew immediate opposition from an industry that has been in his corner.
Trump was not clear in his social media post Friday night whether a cap might take effect through executive action or legislation, though one Republican senator said he had spoken with the president and would work on a bill with his “full support.” Trump said he hoped it would be in place Jan. 20, one year after he took office.
Strong opposition is certain from Wall Street in addition to the credit card companies, which donated heavily to his 2024 campaign and have supported Trump's second-term agenda. Banks are making the argument that such a plan would most hurt poor people, at a time of economic concern, by curtailing or eliminating credit lines, driving them to high-cost alternatives like payday loans or pawnshops.
“We will no longer let the American Public be ripped off by Credit Card Companies that are charging Interest Rates of 20 to 30%,” Trump wrote on his Truth Social platform.
Researchers who studied Trump’s campaign pledge after it was first announced found that Americans would save roughly $100 billion in interest a year if credit card rates were capped at 10%. The same researchers found that while the credit card industry would take a major hit, it would still be profitable, although credit card rewards and other perks might be scaled back.
About 195 million people in the United States had credit cards in 2024 and were assessed $160 billion in interest charges, the Consumer Financial Protection Bureau says. Americans are now carrying more credit card debt than ever, to the tune of about $1.23 trillion, according to figures from the New York Federal Reserve for the third quarter last year.
Further, Americans are paying, on average, between 19.65% and 21.5% in interest on credit cards according to the Federal Reserve and other industry tracking sources. That has come down in the past year as the central bank lowered benchmark rates, but is near the highs since federal regulators started tracking credit card rates in the mid-1990s. That’s significantly higher than a decade ago, when the average credit card interest rate was roughly 12%.
The Republican administration has proved particularly friendly until now to the credit card industry.
Capital One got little resistance from the White House when it finalized its purchase and merger with Discover Financial in early 2025, a deal that created the nation’s largest credit card company. The Consumer Financial Protection Bureau, which is largely tasked with going after credit card companies for alleged wrongdoing, has been largely nonfunctional since Trump took office.
In a joint statement, the banking industry was opposed to Trump's proposal.
“If enacted, this cap would only drive consumers toward less regulated, more costly alternatives," the American Bankers Association and allied groups said.
Bank lobbyists have long argued that lowering interest rates on their credit card products would require the banks to lend less to high-risk borrowers. When Congress enacted a cap on the fee that stores pay large banks when customers use a debit card, banks responded by removing all rewards and perks from those cards. Debit card rewards only recently have trickled back into consumers' hands. For example, United Airlines now has a debit card that gives miles with purchases.
The U.S. already places interest rate caps on some financial products and for some demographics. The Military Lending Act makes it illegal to charge active-duty service members more than 36% for any financial product. The national regulator for credit unions has capped interest rates on credit union credit cards at 18%.
Credit card companies earn three streams of revenue from their products: fees charged to merchants, fees charged to customers and the interest charged on balances. The argument from some researchers and left-leaning policymakers is that the banks earn enough revenue from merchants to keep them profitable if interest rates were capped.
"A 10% credit card interest cap would save Americans $100 billion a year without causing massive account closures, as banks claim. That’s because the few large banks that dominate the credit card market are making absolutely massive profits on customers at all income levels," said Brian Shearer, director of competition and regulatory policy at the Vanderbilt Policy Accelerator, who wrote the research on the industry's impact of Trump's proposal last year.
There are some historic examples that interest rate caps do cut off the less creditworthy to financial products because banks are not able to price risk correctly. Arkansas has a strictly enforced interest rate cap of 17% and evidence points to the poor and less creditworthy being cut out of consumer credit markets in the state. Shearer's research showed that an interest rate cap of 10% would likely result in banks lending less to those with credit scores below 600.
The White House did not respond to questions about how the president seeks to cap the rate or whether he has spoken with credit card companies about the idea.
Sen. Roger Marshall, R-Kan., who said he talked with Trump on Friday night, said the effort is meant to “lower costs for American families and to reign in greedy credit card companies who have been ripping off hardworking Americans for too long."
Legislation in both the House and the Senate would do what Trump is seeking.
Sens. Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., released a plan in February that would immediately cap interest rates at 10% for five years, hoping to use Trump’s campaign promise to build momentum for their measure.
Hours before Trump's post, Sanders said that the president, rather than working to cap interest rates, had taken steps to deregulate big banks that allowed them to charge much higher credit card fees.
Reps. Alexandria Ocasio-Cortez, D-N.Y., and Anna Paulina Luna, R-Fla., have proposed similar legislation. Ocasio-Cortez is a frequent political target of Trump, while Luna is a close ally of the president.
Seung Min Kim reported from West Palm Beach, Fla.
President Donald Trump arrives on Air Force One at Palm Beach International Airport, Friday, Jan. 9, 2025, in West Palm Beach, Fla. (AP Photo/Julia Demaree Nikhinson)
FILE - Visa and Mastercard credit cards are shown in Buffalo Grove, Ill., Feb. 8, 2024. (AP Photo/Nam Y. Huh, File)
