Good afternoon, everyone. Welcome to Realtek 2026 second quarter earnings call. This call is hosted by Realtek Spokesperson, Yee-Wei Huang, and Deputy Spokesperson, Ivy Chen. The presentation materials will be available on the company website before 6:00 P.M. today. At the beginning, our second quarter financial results will be reported by our deputy spokesperson. This will be followed by management's remark presented by our spokesperson. After the prepared remarks, we will proceed to the Q&A session. You are welcome to type your questions in the box at the lower right corner on the screen. We will address the questions accordingly. During the call, you can browse through the pages of the presentation materials at any time. Please note that portions of what are presented in this call contain forward-looking statements. Investors are cautioned that forward-looking statements involve risk and uncertainty. Actual results may differ materially from those expressed or implied in such statements. Investors should not place undue reliance on such statements. I'll turn this call over to our Deputy Spokesperson, Ivy. Good afternoon, ladies and gentlemen, on the line. You are currently participating in the second quarter 2026 webcast earnings release hosted by Realtek Semiconductor Corporation. Let's go through the second quarter 2026 financial results. Second quarter revenue reached TWD 37.6 billion, up a modest 3.1% quarter-over-quarter, and a strong 17.7% year-over-year. Realtek's business momentum remained solid in the second quarter, supported by stable end market demand and supply chain-driven price increases, particularly in DRAM. At the same time, certain supply remained tight amid exceptionally strong AI server demand. As a result, some customers maintain a solid order placement strategy, reflecting concern over potential supply constraints and further ASP increases in the second half of the year. Q2 gross margin was 47.0%, down 2.7 percentage points from the previous quarter, and 3.2 percentage points year-over-year. The decline was mainly driven by higher ASP, reflecting OSAT capacity constraints from AI-related demand, higher DRAM memory prices, as well as a higher mix of ICs with embedded memory. Q2 operating expenses amounted to TWD 13.9 billion, or 37.1% of revenue. This represents a 0.7 percentage point decline in OpEx ratio from the previous quarter. Maintaining disciplined control over the OpEx ratio remains an important priority for Realtek's management, alongside product innovation and operational efficiency improvements. Q2 operating profit was TWD 3.73 billion, or 9.9% of revenue, representing a 2.0 percentage point decline in operating margin from the previous quarter, mainly reflecting lower gross margin. Q2 net operating income was TWD 645 million, broadly in line with the previous quarter, reflecting our continued disciplined approach to financial management. Q2 net profit was TWD 3.81 billion, or 10.1% of revenue. Q2 EPS, as a result, was TWD 7.42, compared to TWD 8.44 in Q1 2026, and TWD 7.62 in Q2 2025. Moving on to our inventory. Q2 inventory turnover days were 107 days, compared to 105 days in the first quarter. We continue to view inventory turnover days of around 100 days as normal and healthy under the current operating environment. That said, a meaningful portion of our inventory remains in work in process, mainly due to the constraint in available OSAT capacity, as industry-wide capacity continues to be prioritized for AI server demand. This concludes Realtek's second quarter 2026 financial results. Thank you, Ivy. Our spokesperson, Yee- Wei, will give a management remark. Thank you. As we look ahead to the third quarter, despite challenges such as certain supply-demand adjustments in the supply chain and rising component costs, Realtek remains a prudent yet stable outlook in its near-term operations, and will continue to closely monitor external market developments and their potential impacts. Let's examine the key market segments Realtek serves. First, the PC market. According to IDC, the global PC market grew 3.1% year-over-year in the first quarter, followed by a 4.9% year-over-year decline in the second quarter. As a result, global PC shipments for the first half of the year were down approximately 1% compared with the same period last year. As we previously discussed, the first quarter growth was partly driven by channel inventory build ahead of anticipated price increases in the second quarter of 2026, reflecting rapidly rising DRAM and NAND flash component costs. Windows 10 end of support migration also contributed to some replacement demand. The same increase in memory costs subsequently weighed on PC demand and contributed to the second quarter contraction. Against this backdrop, our sales mix between PC and non-PC products was approximately 33% and 67%, respectively, in the second quarter, compared with 36% and 64% in the fourth quarter. For the full year, the PC market is under price pressure and likely to decline in the second half compared to the first half. Nonetheless, Realtek has products that are in a good position to ride the wave of spec upgrades and/or to expand the share. Realtek's actual PC related sales, including those for audio codec, amplifier, Ethernet controller, camera controllers, USB controllers, et cetera, will depend on several factors, including IC OSAT capacity availability, supply conditions for key PC components such as CPUs and memories, and brand customers' strategy regarding potential order pull-ins to manage supply chain uncertainty. Moving on to the consumer electronics market. Let's walk through the three consumer electronics segments where Realtek has the strongest exposure: TVs, home appliances, and game consoles. Starting with TVs. Demand picked up in the first quarter ahead of the 2026 FIFA World Cup, supported by some early customer orders amid rising memory cost prices. After the World Cup, global TV shipment began to soften, and price increases in the second quarter added further pressure. Even so, Realtek SoC business grew above the corporate average in the first half, partly reflecting the higher memory costs, and we expect it to remain well-positioned for the rest of the year. For home appliances, including washers, air conditioners, refrigerators, and many more, demand continued to grow steadily, led by strong air conditioner shipments and replacement demand from climate-driven heat waves and stricter energy efficient standards. Realtek's IoT solutions remain highly competitive in this segment, and our deeper integration of AI is helping us outperform market growth. A July 2026 report by gamesindustry.biz estimates that the global game console shipments are expected to fall 19.5% this year. This decline attributable to higher console prices to address the ongoing RAM and storage crisis. While this may create some near-term softness, we are expected to outperform the market as we see more products adopted by key game consoles and their peripherals. The networking market experienced the same memory cost wave in the second quarter and the first half of 2026. However, unlike the PC market, where much of the growth was driven by pre-price hike inventory build, networking demand remained fundamentally stable. For broadband access, mainstream 10G PON or XGS-PON deployments have now stabilized as the baseline standard. While tier one operators have begun structural testing of higher speed 25G PON architecture to build future-proof subscriber networks. In enterprise networking, campus and branch Ethernet switches continue to benefit from a broad hardware refresh cycle as organizations upgrade aging infrastructure to support newer Wi-Fi standards AI-enabled applications and modern digital workloads. In the consumer and SMB router markets, demand continued to shift away from entry-level products toward higher value solutions, including mesh systems, tri-band configurations, and Wi-Fi 7 upgrades. Overall, we believe the solid underlying demand for Realtek's networking solutions, especially as AI applications continue to expand across different end markets, will continue business growth in the second half of 2026 and beyond. Now on automotive. The global automotive market was mixed in the first half of 2026. Overall sales remained resilient, but traditional internal combustion engine vehicles continued to contract, weighing on performance in major legacy markets. At the same time, electric vehicles remained the key growth drivers globally, despite slower momentum in markets such as China and the U.S., due to regulatory and policy changes. Industry forecasts point to roughly 23 million EV sold globally in 2026, representing about 27%-28% of total vehicle sales, up from 25% in 2025, with Europe expected to be the main growth engine. The continued EV growth is supported by automotive Ethernet adoption, we saw demand for Realtek automotive Ethernet solutions in the first half, which we expect to continue into the second half. The main challenge remains on the supply side, given long qualification cycles required for new automotive suppliers. Looking ahead at the second half of 2026, we expect a seasonally strong second half, with EV growth continue to improve in the selected market, particularly Europe. Realtek's automotive Ethernet solutions continue to maintain market leadership, as evidenced by the introduction of our award-winning integrated Ethernet switch, the industry's first and only of its kind to achieve ASIL D functional safety. In addition, our automotive-grade Wi-Fi audio codec and other products are making steady progress in entering the market. Thank you, Yee-Wei. Now we are entering the Q&A session. Please type your questions in the box at the lower right corner on the screen. We will reply accordingly. The first question is from Kelvin Wong, Mizuho, regarding demand outlook. What is demand outlook for third quarter 2026 by applications, including PC, networking, consumer and auto? Do you see demand risk for PC, networking, and consumer in fourth quarter 2026, given demand pull in in first half 2026? Okay. We'll have Ivy to help answer this one. Sure. Let me briefly recap the key market segments Realtek serves. Overall, we expect third quarter demand to remain resilient, although visibility varies by segment, we continue to manage shipments with discipline. In PC segment, demand is likely to remain under pressure as higher DRAM and NAND costs, as well high CPU supply weigh on end market demand. Following early order pull-ins ahead of price increases. In the networking segment, the demand should remain fundamentally stable, supported by broadband upgrades, enterprise switches refresh cycles, and the ongoing mix shift toward higher value Wi-Fi 7, mesh, and tri-band router solutions. In consumer electronics, the outlook is mixed. TV demand is softened after 2026 FIFA World Cup. Home appliances continue to show steady growth, supported by AI and energy efficiency replacement demand. Game consoles may face near term weakness due to the higher hardware price and memory cost pressures. In automotive, demand should remain steady to stronger in the second half, supported by continued EV growth, particularly in Europe, and the ongoing adoption of automotive Ethernet, although supply side qualification cycles remain a constraint. At Realtek, nevertheless, we expect to see year-over-year growth this year in every segment we serve. Thank you, Ivy. The next question is from Rick Shi, Daiwa, regarding inventory across the value chain. What is the current channel inventory level? Could you also share your perspective on customers' inventory management? Sure. Ivy can still help on this one. Okay. Realtek remains clear visibility to IC inventory levels at distributors and direct customers, typically module makers or system ODMs served by those distributors. Based on this understanding, Realtek IC inventory remains healthy across the value chain. The next question is from Nick Lai, Citi, on our strategy in response to supply constraint. What components are you seeing increasing shortage? What is your inventory procurement strategy in view of the rising cost? Are you also seeing inventory write-off pressure? How should we quantify the impact? Okay, sure. The semiconductor value chain is experiencing a major structural supply shift, driven primarily by the AI data center boom. This has created critical shortages in advanced packaging, specialized materials, and memory allocation. Realtek is addressing these shortages on two fronts. From a procurement perspective, we have qualified multiple vendors to diversify our supply base. From an engineering perspective, we are applying, quote unquote, "design for availability principles" to reduce exposure to constrained materials wherever feasible. As for inventory write-offs, we do not view them as a risk or source of pressure as long as we are confident that aged inventory is held by choice. Although it has aged and have been written off from the books, it can still be sold and converted into revenue over time. At Realtek, we are confident that the current supply-demand imbalance remains checked and manageable. Thank you. Next question is from Astoria, [CLST], on broader cost hike impact. Given the further cost increases from both mature node foundry wafers and memory prices in second half, can you pass through this cost by raising prices to customers? If so, which product lines are affected, and what is the rough magnitude of the increase? Sure. Well, actually, as a matter of principle, Realtek emphasize that we do not simply shift or pass cost increases onto customers. We have started working closely and constructively with our customers in early June. New prices, where applicable, are taking effect in the third quarter to manage broad and challenging cost environment plagued by rising memory prices, OSAT constraints and related cost increases, and the potential for further mature node foundry wafer price increase in the second half of this year. Given the scale and the breadth of these pressures, very few, if any, products are likely to remain unaffected. As noted earlier, we cannot disclose the specific product lines affected or the magnitude of any potential price adjustments. Pricing and business terms with customers remain confidential. Our priority is to work cooperatively with customers to address these challenges while minimizing disruption to their business and ours. The next question is from Haas Liu, Bank of America, regarding memory price hike impact. Would you be able to quantify the impact to your revenue this year from the memory cost inflation? Any example you could provide for your PC peripheral, networking, and automotive business, the chipset pricing to reflect the memory cost hike? The memory price increase, which began to accelerate in mid-2025 and became more pronounced in early 2026, had limited impact on Realtek's overall revenue. Throughout this period, Realtek worked to optimize its product cost structure and absorb part of the unexpected cost pressures. At this point, however, the memory price hike, together with OSAT supply constraints and related price increases, has reached a level that Realtek can no longer fully absorb on its own. We are working closely with customers on a case-by-case basis, taking into account product categories, supply conditions, and long-term business relationship. Beyond this, we cannot provide further details as pricing and related business terms are confidential. Thank you, Yee-Wei. Next question is from Bank of America, Haas, about the gross margin outlook. With more pressure from your manufacturing and component supply chain on raising cost, would you be able to share your view on the margins profile into second half 2026? What is your countermeasure in the cost inflation environment? Could you also provide an update on your long-term structural margins profile expectations? Yeah. We'll have Ivy pick up this. Sure. Regarding gross margin, our second quarter performance was lower, primarily due to the product mix and the rapid rise in memory prices, which create pressure on our cost structure. Looking ahead to the second half and the foreseeable future, we are taking several steps to mitigate cost inflation, including optimizing our supply side arrangements, improving product design and cost structure, and reflecting cost increases where appropriate. We are certain these actions will support a gradual recovery in gross margin. Longer term, we continue to see room for further gross margin improvements driven by ongoing product mix optimization, a higher contribution from value-added products, and technology upgrades across our product portfolio. Thank you, Ivy. Next question is from Sunny Lin, UBS, about OpEx trend. How would your OpEx and OpEx ratio trend in third quarter and 2026? Will OpEx amount remain elevated with more advanced node designs in 2026 and beyond? Yeah. Ivy, you can take this, too. Okay. Yes. We appreciate your continued attention to Realtek's OpEx trend. Our OpEx ratio over the past four quarters were 39.1% in Q3 2025, 39.2% in Q4 2025, 37.8% in Q1 2026, and 37.1% in Q2 2026. These results reflect our disciplined control on operating expenses, where we continue to make strategic investments in product innovation, including the use of advanced process nodes to deliver higher performance with lower power consumption. In the short term, we expect the OpEx ratio to remain stable at current levels. In the long term, we are committed to lowering the OpEx ratio through productivity enhancements. Advanced node designs generally require higher R&D investments, including spending on design tools, IPs, tape-outs, and verification. As we continue developing more value-added solutions, absolute OpEx amount may therefore remain relatively elevated. That said, we will continue to manage expenses prudently and direct resources towards areas with clear long-term growth potential. Thanks, Ivy. Next is a question from Sunny, UBS, related to product spec upgrade trend. For the broader product segments, what is the current spec upgrade traction that we can anticipate for AI PC, Wi-Fi 7, multi-gig Ethernet, and so on? Okay. AI PCs, Wi-Fi 7, and multi-gigabit Ethernet are all entering a rapid upgrade cycle driven by stronger demand for high performance local processing and ultra-fast connectivity that can support Realtek's business growth. All AI PC requires not only higher performance local computing capability but also better connectivity and richer peripheral functions. This includes higher speed wireless and wired connectivity solutions, better audio and webcams with embedded MPUs, and more intelligent man-machine interface features. Wi-Fi 7 complements this shift by offering fiber-like wireless speeds and sub-one millisecond latency. We expect its adoption to continue expanding across PC router and broadband devices. To prevent bottlenecks, wired connectivity is also moving to multi-gigabit ethernet, with 2.5 Gb ethernet, 10 Gb ethernet ports quickly becoming standard on premium routers, motherboards, NAS, and workstation related applications to support the growing data demands of AI power workloads. Taken together, these trends are favorable for Realtek because they increase the value and importance of connectivity ICs across multiple product categories. Thanks, Yee-Wei. The next question is from Nick Lai, Citi, on agentic AI demand impact on networking and PC. What is your view on networking and PC application outlook in view of the emergence of agentic AI demand? Are you seeing accelerated deployment or shift toward higher specification to support AI driven workloads? Okay. The agentic AI is shifting the AI landscape from basic conversational chatbots to autonomous multi step workflows. These workflows may involve local inferencing, memory retrieval, tool execution, application interaction, and cloud edge coordination. As a result, the system requirement for PCs and edge devices are gradually increasing. For PC applications, we believe agentic AI will support continued shift toward higher specifications, including stronger local compute capability, large memory configuration, better power efficiency, and richer AI enabled peripherals such as camera, audio, and connectivity. From a networking perspective, agentic workloads are fundamentally different from traditional generative AI. A single task can trigger a sequence of actions, such as memory retrieval, database query, and tool execution, requiring networks to deliver sub millisecond communication and consistent latency. We, therefore, expect noticeable upgrades for Realtek solutions. That said, we would categorize the demand impact a steady upgrade cycle rather than a sudden step change across all end markets. Adoption will vary by application, customer, and platform, but the long-term direction is clear. AI workloads are pushing devices and networks toward higher performance, faster connectivity, and more edge capabilities. The next question is from Daniel Yen, Morgan Stanley, related to Wi-Fi. Could you update us on Wi-Fi 7 adoption and the roadmap for Wi-Fi 8? Sure. Wi-Fi 7 adoption is underway, but the pace varies by product segment and customer strategy. Notebook penetration is estimated to reach approximately 30% this year. While we are seeing mixed brand strategies, some vendors are moving aggressively toward Wi-Fi 7, while others are balancing the spec upgrades with cost considerations, inventory management, and product positioning. On the broadband front, upgrades are facing constraints from higher DDR capacity requirements and rising system costs. Although Wi-Fi 7 was initially planned for FTTR deployment, rollouts remain based on Wi-Fi 6. This suggests Wi-Fi 6 is unlikely to phase out quickly in the near term. Overall, the medium to long-term Wi-Fi 7 upgrade trend remains intact, but adoption is likely to progress gradually due to cost, inventory, and brand execution strategy. Wi-Fi 8 is expected to become a key technology focus from next year, with plugfest for interoperability testing among vendors underway as we speak. Commercial adoption is likely to begin first in PCs and routers, with the earliest TV models expected around first quarter 2028. Tier 1 operations in Europe and North America are also expected to begin deploying Wi-Fi 8 routers in 2028, broadly aligned with the PC upgrade cycle. At Realtek, Wi-Fi development remains on track. Based on our current progress, we believe our performance is competitive with that of other major industry players. Overall, we continue to support customers through the Wi-Fi 7 upgrade cycle while planning for future Wi-Fi 8 opportunities. A question raised by Michelle Huang, Fubon, on product development strategy. With the IC design trend shifting toward platformization to mitigate persistent wafer cost inflation, how aggressive is Realtek bundling networking, audio, and camera chips into total solutions to defend market share against custom ASICs and low-cost peers? Well, all Realtek products share a common purpose: connecting machines and connecting people with machines to mass enable a connected AI world. Serving the common purpose, Realtek silicon IPs across networking, audio, and video are highly complementary, and we are increasingly integrating them into new products. By doing so, we can help customers reduce total system cost, lower design complexity, improve power efficiency, and shorten development time. Case in point, the Realtek IoT full-color, low light, ultra-low power, multimodal AI SoC showcase at COMPUTEX Taipei 2026 combines networking, audio, and camera ISP capability into a complete solution. In this way, Realtek is becoming a platform oriented, turning individual technologies into a broader platform solution. Against custom ASIC peers, we believe our advantage is scalability and broader market coverage. Against low-cost competitors, our advantage is the combination of field-proven interoperability, performance, lower power, and stability. The next are two questions related to networking from Sunny, UBS. The first is on managed switches. What's the latest progress of your share gain in managed switches? What's the split between managed and unmanaged switches for your switch sales and shipment? The Realtek switch shipments remain weighted toward unmanaged products. However, its managed switch share gains are becoming more evident with shipment market shares estimated to have increased by roughly two to three percentage points from the previous reporting period. Looking forward, Realtek has meaningful room for gain additional share from major competitors. We are pursuing project bids with leading managed switch customers, including opportunities in layer three programs. Given the typical 10 to 12 months development cycle for managed switch hardware and software, new design wins are more likely to contribute meaningful volume revenue in 2027 and 2028. Next question is on high-speed networking products. Could you give an update on the TAM of higher speed networking products that you're working on, especially on the 100G optical PHY? What's the potential sales contribution in 2027 to 2028? Realtek showcased our 100G optical PHY solution at COMPUTEX Taipei 2026, and the product is currently targeted to be ready for mass production as early as the first quarter of 2027. This is part of our broader high-speed networking roadmap. While in the initial stage, our focus will be on the 100G transceiver and active optical cable markets. Based on our current assessment, the TAM for 100G pluggable transceivers and active optical cable is around several hundred million US dollars per year. We believe these markets provide Realtek with an attractive opportunity to expand our networking product portfolio into higher speed optical connectivity. As we are still at the early stage of entering this market, we will proceed in a disciplined and gradual manner. At this point, we are not providing specific guidance on potential sales contribution. The actual ramp-up will depend on customer qualification and market adoption. There are two questions related to automotive business. First, Daniel Yen from Morgan Stanley asks, "Could you provide an update on Automotive Ethernet adoption and the broader automotive business? Sure. The global Automotive Ethernet market has evolved from a luxury feature into a core vehicle architecture. Automakers are shifting from legacy domain-based designs to zonal architecture, where the need for high speed, scalable, and reliable in-vehicle networking continue to increase. ADAS remains the largest application, requiring deterministic, low latency, multi-gigabit performance to process real-time data from HD radar, lidar, camera systems. Realtek Automotive Ethernet solutions continue to lead the market. Its industry-first XL7 automotive Ethernet switch, supporting up to four 10 Gb-per-second link, enable multiple AI SoCs to operate simultaneously with ultra-low latency. If one SoC fails immediately take over, maintaining safe operation and preventing loss of control. This expands Ethernet into applications previously limited by functional safety concerns. This demonstrates our capability to provide highly reliable solutions for next generation vehicles. Smart Cockpit is another fast-growing application, demanding natural, immersive human-vehicle interaction, and handling large asymmetric audio-video data flow. High resolution cameras and sensors require massive forward bandwidth for raw video transmission. While reverse traffic is limited to configuration and control signals. To address this, Realtek adopts standard services technology such as ASA, which complement and may eventually converge with Automotive Ethernet. In addition, our automotive grade Wi-Fi, audio codec, and other products are making steady progress in entering the market. While automotive design cycles are long and revenue ramps take time, we believe automotive remains an important growth opportunity for Realtek. Next, Sunny from UBS would like to ask, what is Realtek's current market share for Automotive Ethernet globally and in China? Any new design-ins for the tier one OEMs and are there updates from the Japanese auto OEMs? Consistent with corporate policy, we do not comment on product market share. That said, Realtek's Ethernet continues to remain highly competitive globally against a small group of providers offering Automotive Ethernet solutions. Given the stringent requirement for automotive quality, reliability, security and safety. For new design wins, we see no shortage of opportunities with tier one and OEM across different regional markets, including China and Japan. The next question is from Haas, Bank of America, on server opportunities. Given your business highly exposed to networking, consumer, and PC, what is your strategy to leverage your strong IP and technology portfolio for more business opportunity in servers? Who are you working with and what is their current progress? Realtek is committed to expanding into the server market as part of our vision to enable a connected AI world. We see two key entry points. From a solution perspective, we are starting with areas where Realtek already has strong IPs and market experiences, including 10G Ethernet, I3C hubs, USB hubs, PON, and Ethernet switch for server control plane. We plan to expand our server portfolio to include smart NICs, optical PHYs, high-speed data switches, and more. Because server ecosystems prioritize maximum uptime and high data throughput, we are strengthening our server solution by adopting advanced process nodes and higher grade quality standards. From a customer and ecosystem perspective, we are leveraging our existing relationship and design wins with major platform stakeholders, including CPU, NPU, and GPU solution providers, as well as leading OEMs and ODMs with strong position in both enterprise server markets and traditional PC notebook segments. In parallel, we are also approaching white-box server focus ODMs. A question from Daniel, Morgan Stanley, on SSD controller. Could you provide an update on your SSD controller business, particularly any exposure to AI server or NVIDIA related platforms? Sure. Indeed, Realtek SSD controllers have been adopted by a leading GPU AI platform through our SSD module maker customers. By working closely with these customers, we have deepened our understanding of server requirements. Our SSD business is progressing on track, including opportunities related to server applications. Regarding specific platforms or customers, including NVIDIA related platforms, we do not comment on individual customer progress. More broadly, we continue to work with ecosystem partners and customers to explore server-related opportunities. At the same time, we will continue to pursue opportunity in our traditional SSD market and aim to grow this business steadily over time. Next is a question from Aaron Jeng, Nomura. What could be next big growth driver for the company into the next two to three years? Well, as the AI era accelerates, connectivity continues to advance through faster transmission speeds, higher data throughput, greater manageability, and more natural human machine interfaces. Realtek is optimistic about growth over the next two to three years, supported by product solutions that align well with market trends and customers' needs. Growth is expected to come from both continued upgrades in existing business and expansion into new applications. Across PCs, consumer devices, networking, and other applications, AI is driving demand for higher bandwidth, faster connectivity, better power efficiency, and more advanced interface technologies. At the same time, Realtek is making steady progress in automotive, humanoid robots, and AI servers, though some of these emerging markets remain in the early stage. Nonetheless, all should provide incremental growth opportunities as revenue contributions become more visible over time. The next question is from Daniel Yen, Morgan Stanley, on robotics opportunities. How do you see the commercialization timeline for the robotics related opportunities highlighted at COMPUTEX? Okay. The development timeline for humanoid robots has accelerated, driven by advances in generative embodied AI, skilled hardware manufacturing, and structural labor shortage. The market remains in the validation phase and may not reach broad adoption until later in the decade, Realtek is already seeing early progress, with customers using its existing products in current robotics applications and leading humanoid robot brands adopting Realtek solutions in reference design, including Ethernet switches, USB hubs, Wi-Fi, and other connectivity technologies. Realtek is leveraging its proven automotive experience and working with leading players to define backbone connectivity solutions for next generation humanoid robots. Given their higher system complexity, humanoid robots could offer greater silicon content and addressable value per unit than automotive application. Meaningful revenue contribution will depend on when customer products become commercially viable and begin to ramp in volume. The next question is related to PC and notebook demand and content value from Michelle Huang, Fubon. Given component inflation and shortage for memory and CPUs for PC and notebooks customers pushing up retail prices into second half 2026, how is traditional seasonal momentum tracking? Will the content value expansion per box fully offset the volume compression in entry-level PC and notebooks? Okay. Seasonal momentum in PCs and notebooks remains supportive in the second half, including back to school and year-end sales demand, it has weakened and become more distorted than the typical seasonal pattern. Some customers pull in orders and build inventory early in the first half. Realtek's PC related shipments are unlikely to grow sequentially in the second half. At the same time, memory and CPU inflation, together with component shortages, are pushing system costs and retail prices higher, which could pressure end demand, especially in more price sensitive entry-level PC and notebook segments. That said, Realtek continues to see content value expansion opportunities as the market mix shifts toward higher spec products, including commercial PCs, mid to high-end notebooks, and AI PCs. These platforms typically require higher speed connectivity, more advanced interfaces, and upgraded audio and peripheral solutions, supporting higher content per box and ASP improvement. Overall, Realtek remains confident in growing its PC business through increasing content value while acknowledging potential volume compression from higher end market selling price. The last question is also related to PC market from Haf, Bank of America. Could you share your thoughts on the enterprise versus consumer and DIY market demand? Okay. The PC market is becoming increasingly segmented, with enterprise and commercial demand emerging as the most resilient growth driver. Corporate refresh cycles, Windows 11 migration, AI PC deployment, digital transformation, and rising requirement for connectivity, security, and productivity continue to support this segment. Enterprise buyers are also less price sensitive, as they typically view PC as mission-critical tools, operate under multi-year procurement plans, and are more willing to absorb higher costs to avoid business disruptions. By contrast, consumer demand remains more exposed to macro economy conditions and price increases, leading to longer replacement cycles and greater caution in entry-level PCs and notebooks. Memory and CPU inflation, together with higher retail prices, could weigh on purchasing decisions despite seasonal support for back to school and year-end sales. Mainstream users also tend to prioritize portability, and rely on more cloud service for AI and other compute intensive tasks, which may limit urgency for upgrades. The DIY desktop market is also mixed, with ultra-premium builders and gaming enthusiasts likely to remain more resilient. While mainstream upgraders may delay builds as component prices rise, especially memory. Demand in this segment remains closely tied to major silicon release cycle from NVIDIA, AMD, and Intel, as new GPU and CPU platforms often trigger full system upgrades. Overall, we remain more positive on commercial and AI PC segments, where content value per box continues to rise, while staying cautious on volume trend in entry-level consumer and mainstream DIY markets. Note that Realtek PC solutions are extensively used in all three segments: enterprise, consumer, and DIY. Thank you, Yee-Wei. Due to the time constraint, we will conclude the meeting now. Thanks for your participation today. Please feel free to contact our IR team if you have further questions after the meeting. The replay will be available on the IR page of the company website before 6:00 P.M. Thank you. Have a good afternoon.