Vijay Rakesh

when do you see that start to get more material, if you can give us some more color there

if there's a way to look at what the mix of, you know, just packaging was of total WFE

when you look at the China revenues, do you expect it to kind of hold at these levels going through calendar 2025

are they mostly in the 128 cores? I know core count is important.

How is your data center royalty revenues growing, I guess, as you look at fiscal '27 over last year?

should we still think of it as a high single-digit percent growth fiscal '27, '28? Or is that trending higher too

will we be expecting, like, an Arm Holdings plc American Depositary Shares custom ASIC down the road given the substantial partnership that you have with them

Do you expect Arm to be in the market with the merchant CPU? Or will it all be kind of licensed platforms

With the SoftBank expanding the license deal there, can you give us some more color on how that looks?

On the 13 customers, what's the split of data center versus mobile?

can you talk to what the opportunity is on the license side or the royalty side?

Can you talk to how the Cobalt 100 is progressing, how that's ramping?

on the related party side, it looks like very nice traction sequentially. I saw it up 48%

If you look at fiscal '26, you have many new customers ramping [ Meta ] and probably you have the 4 of the 6 hyperscalers that you have talked in the past. Would you expect that growth to accelerat...

Just a question on the networking side. Just wondering how much does up sequentially on the AI side? And any thoughts around M&A going forward?

Got it. And the other 2 CSPs, when do you see them ramping?

do we have a good line of sight into fiscal '26, showing a pretty nice ramp to hit those numbers

Just wondering what the mix of sovereign orders was. And then I know you talked about improving AI margins in the back half

Just wondering how the data center side would play out to the end of the year. As you look at the second half, especially

Any thoughts on how you would look at CapEx through that time frame, 25-26? Are you looking at rationalizing that given the footprint

as you look at that mix of hardware and platform services, should that mix be about the same going forward?

any way to think about -- and the forward quarter, I guess, any way to think about the hardware, software split?

Any thoughts on when this national quantum initiative, the NQI funding starts to open up?

Is it fair to assume both the 200 gig EML and CW laser should be accretive to your margins?

you continue to see this supply-demand imbalance of 30% as you go through into next year as well?

should drive a pretty nice uptick there back to like the 300-radix or the 500-radix OCS racks into next year

Can you size what the CPO quarterly run rate would be with the new multi-million dollar, multi-$100 million order

would you expect pricing to be a tailwind most of this year and into next year too

When do you start to kind of scale and bridge into that, I guess? What would be the timeframe?

Any way of kind of sizing the opportunity there for every 100 wafers, whether it's HBM4E with TSVs or in HBM4?

are you seeing investments or CapEx picking up there? Is that something you're seeing into '27

Is there a way to look at what your content uplift is per 100,000 wafers or something HBM3E goes to HBM4or 4E

your Foundry is growing almost 100% plus. Year on year. Just wondering as you look at 2627 with some of leading edge found this accelerating, how you see that road map?

As you look at the strength that you mentioned into next year, is that being driven by memory or foundry, logic, logic foundry as well?

I think you have ITC, the investment tax rate going to 35%. Do you see that driving a tailwind to WFE as you look at next year?

Just a quick question on the NAND side. Sorry, if I -- somebody asked this question already, I joined late

In terms of the current design wins, any of them on the scale-up side, on the rack, where do you see those wins

would you not expect that business to start to accelerate into fiscal 2027 and 2028 here?

how does that data center portfolio grow? Obviously, there is a lot of focus on data center and spend there.

Where are fab utilizations now blended? And how should we look at OpEx to the rest of the year

Any thoughts on how we should look at, you know, how that segment does in 2026, 2027

Do you guys think most of the inventory write-downs get done by the September quarter

is your understanding that it puts you at a much better position versus like this STMicro and Infineon

how you're looking at utilization, I guess, across the fabs as you go to the back half

Just wondering if you're expecting any Section 232 rulings coming down in terms of trying to bring product back to the U.S.

is there any risk for inventory obsolescence or write-down given, you know, you're seeing some disintermediation

I think you're looking at the different segments, autos, industrial, consumer. Is there a way to let's work this playlist

Just wondering how the qualification is progressing and if you continue to see that similar power performance leadership

can you talk to what's the split between HBM and conventional DRAM and NAND?

as your SPM capacity, maybe goes up next year, how much is your conventional DRAM capacity coming down?

should it grow like high single digit above LVP? Or how should we look at it

how you are looking at that $9.5 billion by '27 number for autos

how your content breaks out between site power, the power in the rack and the compute rack

Can you talk about how you see that progressing in June and into the back half?

Any thoughts on how we should think about utilization improving? And are there any exits that are still left in the core business?

do you expect gross margins to get back to the low forties looking at the margin accretion from EFK and FabRite?

do you expect that to get to, like, a 10, 15% of revenue run rate given some of peers seem to be targeting somewhere like that?

How are you guys preparing for that? What are you expecting in terms of when this happens?

One of your peers declared bankruptcy. Just wondering how that's playing out from a business risk perspective

Is that commentary on pricing specific to ON? Or is that what you're seeing in the industry?

so are you seeing some headwinds from the auto tariffs or auto parts?

how that should play out over the next couple of quarters, I guess, after Q1, like, do you see that flat or maybe second half picking up

I think you said it might be up year on year. Just wondering if any color around that and the backlog, how that's trending

How should we think about QCaaS and sales mix going forward?

any thoughts on how -- what are you getting on the price uplift versus the 36 qubit one?

Just wondering what would be the split of a full NVL72 rac versus HDX that you're shipping now

wondering what is contemplated in terms of revenues from the data award win that you announced

how many liquid cool racks we are shipping in September and if you have some idea in December

wondering if you're seeing any price premium on that, and how should you look at the price premium versus conventional NAND

you have a pretty disruptive technology coming in terms of high bandwidth flash. Any thoughts on how that is progressing?

Are the $11 billion in guarantees and the $42 billion RPO mostly in data center?

what you're looking at in terms of bit growth and obviously, ASP pricing has been on a tear

should we expect margins to kind of, you know, get to the 60% plus

Just wondering if there's a way to look at it on what's the impact from HAMR mix versus utilization or price

Should that drive a much better gross margin profile, I guess? And any thoughts on how we should see the margins improve

would you expect to hit the mid-45%, 45% margins exiting fiscal '26? Or how should we look at that margin progression?

Is that pickup coming from pricing, utilization and the HAMR mix? Or can you give us some attribution like what percent goes to -- from the pricing improvement versus utilization versus the HAMR mix?

Just wondering how -- on the mix of HAMR be, let's say, exiting fiscal '26

do you expect HAMR to get to like 10% to 20% of that mix by like first half calendar let's say 2026?

if you were to take a look at how do you see adds in growth year-on-year within that 5G?

in China there is a trend towards entry level and some of RFs side moving to discrete. Are you seeing any of that?

Are you expecting to pull in the HAMR road map time line given how tight supply is

when you look at HAMR ramps, any thoughts on how we should look at those margins

When you look at shipping into China, is that going from your Malaysia facilities or do you ship hard drives into China

are you still looking at ramping those like in calendar '26, like second half twenty six, I think, as you mentioned on the Analyst Day event

Do you see the need to kind of push on the areal density side too as your fear is moving on the hammer side

Any thoughts on how you see the pricing margin kind of trend to the year?