Ookami is a computer technology testbed supported by the United States National Science Foundation. It provides researchers with access to the A64FX processor developed by Fujitsu in collaboration with RIKEN for the Japanese path to exascale computing, as deployed in Fugaku, the fastest computer in the world. By focusing on crucial architectural details, the ARM-based, multi-core, 512-bit SIMD-vector processor with ultrahigh-bandwidth memory promises to retain familiar and successful programming models while achieving very high performance for a wide range of applications. We review relevant technology and system details, and the main body of the paper focuses on initial experiences with the hardware and software ecosystem for micro-benchmarks, mini-apps, and full applications, and starts to answer questions about where such technologies fit into the NSF ecosystem.