Thanks, everyone. Good morning, good afternoon, wherever you are, listening in online. I'm Chris Danely, the semiconductor analyst here at Citigroup. It's our pleasure to have one of our top picks, GlobalFoundries. Tom Caulfield, the President and CEO, is here. Why is it our top pick? You know, we like companies with secularly increasing margins and earnings, especially given the industry-leading portfolio they have for both analog, in terms of automotive and industrial, and also the wireless markets. It's been a pretty remarkable turnaround story since they came to the public markets. I want to say it's only been a year and a half or two years, and the main architect of it is sitting right here to the left of me, Tom. So thanks again for coming, Tom. We really appreciate your time. Thanks, Chris. October 20, 2021, but who's counting? Yeah, exactly. Almost a two-year anniversary. You know, you guys are fairly broad-based, so I guess maybe we should just kick it off. You know, give us your view on the semi industry and the various end markets. I can run them down, but, you know, how do you feel about the semi industry these days? You know, so let's go back to what we talked about at the beginning of the year and what we've been delivering against. We said that we'd have very modest growth quarter on quarter. We delivered that in 2Q. We give guidance for Q3, and so we're on track to go do that. Yep. Now, having said that, that's still a year that that we said we'd be down in the mid to high single digits. And as we said in the third quarter call, we're probably the higher end of that- Yep ... down, mid-single digits, and that's consistent with the rest of the industry. So how do I feel? You know, I feel like there are segments that are really going well and will continue to go well, and some of it is because of the disruptive nature of going from an internal combustion engine to an autonomous, connected, and electrified car. So that market is very strong for us. It's continuing to grow this year. You know, 2020, it was under $100 million business last year. It grew to $375 million this year. We've said it, we're confirming that it's, we're gonna hit our heads on $1 billion worth of auto revenue. Mm-hmm. And that's a pipeline of growth that will continue for us. Now, on the other end of this, the consumer side of our business is still, for all of semi, struggling. Whatever spending is going on in the consumer side, it seems to be another discretionary spending, like travel and things of that nature. High interest rates, you know, obviously with inflation are, you know, always give trepidation for discretionary spending. So for us, what I see going forward is an industry strength in automotive for our business, and we will go as the kind of the macroeconomy goes. And for me, it's, you know, what I see versus what I believe. What I believe is we've been here before. Yep. I believe inventory will eventually get worked out of the channel, at least for the first time in a while. We saw inventory at the OSAT and OEM level decrease in 2Q, with only moderate increases in the rest of the supply chain, which is, you know, good news because we're not gonna go anywhere until inventory normalizes. So I believe that we will eventually get ourselves back into a growth industry. Mm-hmm. But what I tell you I see right now, I'm no smarter than anybody else or any economist. What does the world economy look like that will get that catalyst going for broad-based demand in our industry? Sure. Mm-hmm. So let's dig into those end markets, especially the ones you specialize in, auto, industrial, wireless, and, and consumer. I guess let's start with the most positive or the best one, the automotive end market. You know, you mentioned the, you know, continuing push for more EVs, and even hybrid vehicles have a lot more semi content. Do you, I mean, do you see, you know, any sort of correction there, or do you think that the content growth can, can power us through the automotive end market? You know, I can tell you what we see based on the, you know, our design wins and the sockets we're supplying to. Yep. One, a lot of this business was won between 2019 and today. It just takes a while for it to ramp. Mm-hmm. So a lot of that was for the next generation models. It's not legacy models. That helps the resiliency of where we're growing. You know, that $20 million in 2020 that grows to $1 billion today- Yeah Is all a concerted effort when we pivoted the company and started to focus on these end markets where our differentiation matter. A lot of it is also the different applications we play in. There's a broad range of microcontrollers from a range of applications in automobiles. We do some of the precision battery management. Our power technology is really, really differentiated. We do a number of radar chips for sensing and a host of other applications in the automobile. And so as cars become more about a connected intelligent edge device that just happens to move, the more it plays to the strength of our technologies. Great. Switching gears a little bit to another large end market for you, the industrial end market. How are you feeling about industrial? Maybe just refresh us on what you guys said on the last conference call. Yeah, in home and industrial IoT, the kind of the home consumer part of that is you know, slower than we- than any of us would like. Mm-hmm. But it's being offset by strength in industrial, and we continue to see that through the rest of this year. Yeah. Any sense of when you think the excess inventory in the industrial and IoT market is going to be cleared? I'm asking every company that. Yeah. You'd be surprised at the range of- What'd they say? I'd like to know. The most popular answer is, "We have no idea. Yeah. I say, "How will you know when things are better?" They say, "We'll get purchase orders. Yeah. Look, some of us that have been around for a while, we start to look for signals that we see. So in the beginning of the downturn, you start to see pushouts, and you stop seeing kind of last-minute orders, right? You say, "Okay, this is starting to get-" Then when you start to hit the steady state, what do you see? You don't see pushouts of orders. Yeah. Everybody's kind of planned things, so we don't see that anymore, where, you know, what we're building a ship to, it's agreed to. POs come in, you know, in an orderly fashion. You don't send your hit squad sales team out to come get POs, "Where are the POs?" And then you start to see a little bit of the unexpected order came in. "Hey, a PO came in unexpectedly for, you know, 5,000 wafers," right, for a particular part. And that tell me, that's the kind of signal to me that says, "Okay, we're at least normalized now." We're starting to see the indications of what looks like people starting to fill back in in their business. Now, the rate and pace of that is the question mark. Yeah. Is that, you know, it's, we're seeing this quarter, and then it slows down again, but at least that's the little bit we're seeing. And so for me, this is about to what do you want to believe versus what you see. I believe it's just a matter of time. Yeah. But what I see is little, little things like that, that give me hope that maybe we're going to start to see this turnaround. But does the Fed keep raising interest rates? Does inflation get moderated or become worse and put more uncertainty? Are there more geopolitical things that start to, you know, create uncertainty for everybody? Those are the overlays that we have to factor into this. So what I'm telling you, I'm no smarter than anybody else that's sat in this chair. I have no idea other than what I see and what we plan for. Sure. And then, switching gears to one of your larger end markets, wireless. You know, when I talk to my industry contacts out there, and we've had several of your customers presenting, I would say the two areas that they really like about GF are your analog capabilities, and especially in wireless, your RF capabilities. So maybe talk a little bit about that, and then, you know, what are your thoughts on the wireless market? When do you see some green shoots there? So when I think of the wireless you're talking about, I'm thinking of smart mobile devices. Yeah. Okay. So yeah, that is a really important part of our differentiation. There isn't a single handset in the world, whether it's Android-based or iOS-based, that that doesn't have GF's content somewhere in that front-end module. Whether it's a LNA, a PA, filter switches, some combination thereof, we supply to all players, and they use that technology. Now, others have leveraged it more than some in their deployment of it. The good news is, even in a market where smart mobile devices are really at a low point- Mm-hmm Because we play in the Tier One phone, disproportionately in the Tier One- Yeah Handset market, and disproportionately with the non-Android-based- Yeah Phones, it plays to seeing less of an impact to our business. But the reason we have this business is because of our differentiation. We've recently announced it. Actually, it was last week, you know, the launch of what we call our 9SW platform, which builds on 8SW for better performance, better power. And we already have customers doing their first tapeouts to do test chips around this technology for next-generation handsets. Yeah. And so we keep innovating on this technology and trying to drive as much integration of these key elements of switches, filters, LNAs, PAs, as much as possible and with a single technology. Yeah. Yeah, you go, you—I mean, you go back at, at GF a long time. I think the, you know, the RF technology goes back several years, It goes, it was part of our, IBM acquisition- Yeah in 2015. Yeah. Let's talk a little bit about ASPs, maybe on the foundry side. So I noticed that in Q2, they dipped a little bit. Was that a mix issue? Can you talk about why that happened? Yeah. Look, the real view of looking at ASPs is their pricing environment changing? And the answer for GF is, when you are 66%, you know, two-thirds of your revenue, single source, 90% of your design wins are single-source business- Mm-hmm There's no pricing sensitivity, right? The demand is there, or it's not demand. Yeah. Right? There's no demand. And so when you see that fluctuation, it's mostly mix. We have a range of technologies, you know, from, call it, 40 mask steps to 60 to 70 mask steps. So depending on the complexity of the device or the technology node, you'll get different pricing points. And so the best measure for how we're doing is how our gross margins are. Because we could have a product that's priced lower than another one and make more margin because the complexity to build it is less- Yeah But it has a different level of differentiation. So first order, you know, our pricing environment, because of the nature of our business, is very strong. You'll see some minor fluctuation in that because it's all mix related. Yep. The key is to keep driving better margins through remixing our business, not on ASP, but as much as accretion to gross margins. Great. And, and then how do you see pricing going forward? Any, any change there? Just in- I would tell you how we think about it is, what does our future business look like? So how do we judge that? We judge that with our design win funnel. And so when we look at whether it's first half of this year or just even most recent quarter, we will not take design wins that are not, in aggregate, accretive to our long-term model. Mm-hmm. Because we'll never get to our long-term model if we're not- Yeah ...the future business is not gonna be, you know, richer and leveraging our differentiation. And so the confidence that we build each and every quarter about where we stand against our long-term operating model is we don't need to look any further than what is our design win pipeline and what we achieved in that design win pipeline. Yep, we had I think three or four of your top 10 customers here. They were all asked about foundry pricing. All of them said firmed up going forward. So you guys must be doing something right. That was, Well, let's talk about that. A lot of positive comments. Well, one, I think there's a little bit about differentiation- Mm-hmm And creating value and capturing value. The second thing is about we as an industry need to invest to create this capacity that doesn't exist today. Yep. That investment needs a return. If we've lived for the longest time on capacity that was fully depreciated and it served the needs of the market, that created one pricing structure. If now we need to invest, we need to make that investment and get a return. Now, how we make the investment and how we eliminate inefficiencies in the ecosystem is how we're gonna play this game in the future- Yeah To minimize those impacts. So if we make an investment and need to mark up our pricing to comprehend that investment on top of the value we create in our differentiation of the product we ship, well, the worst thing to do to that is to send that through a long supply chain where everybody marks it up without adding value to it. Yeah. Finding creative models where we eliminate, you know, economic models with partnerships with end customers as well as near, you know, near customers, fabless customers, to go create the best economics for everybody is the way we're gonna win. Yeah. Yeah, I mean, we've talked about this, but one thing that drives me bonkers is, you know, you do get certain investors that say, "Oh, well, you know, GF is the same as UMC," and I say, "It's UMC is a second source TSMC. You guys are almost all single-sourced." And if you look at the growth in your customer base, these are leading-edge analog companies that are coming to you. Largest wireless company, wireless chip company in the world is coming to you. It's because you guys have good products. So anyway, that's my plug. You should be in this seat. One, one other thing I want to talk about, and, you know, you guys have been one of the pioneers in terms of these, you know, LTAs or, or long-term contracts. This is a big part of, of GF, and I think is providing some cushion in these, in these turbulent times. You know, maybe talk about how this generated. Was this customers coming to you? Was this, you know, a, sort of a joint venture? And, you know, how, how do we see, you know, LTAs holding up in these tumultuous times? Yeah, look, if you took a step back and you weren't a student of this industry, but you would have looked at how we ran this industry, it was no other industry in the world would do this. One company makes an investment for capacity that's special to their customers with only one commitment- Mm-hmm You know, the foundry making the investment and hoping that someone would use it. No, no other industry would ever work that way. Yeah. So what felt like unorthodox when we began this in 2021 to create long-term agreements was actually just very sound business. And it turned out a lot of the certainty we were looking for, our customers wanted as well. So let's talk about what happened. We find ourselves in 2021, where the industry is way beyond in creating the capacity it needed for the demand. Yeah. If any one customer had asked me for capacity, we probably could have accommodated it, but they all did. And so we needed to create a different framework by which we would operate together so that we could make the investments with as much confidence as both parties could have. Recognizing that if there's a downturn, these agreements would at least govern how we could work together to share in whatever pain there was, rather than having it disproportionate to the, to the company that made the investment versus the one that did not make the investment. And so that was the beginning of it. And I tell you, the first LTAs we signed, we were more of the instigator. We were the ones driving for it. Hey, to make that $2 billion investment, we're gonna need some certainty on that." By the time, and that was first quarter, early 2Q of 2021. By the time we hit the summer, customers were driving us aggressively- Mm For long-term agreements. Why? They saw a world where they needed more than just a surety of supply. They wanted to know they had a surety of pricing as well. They needed fixed volumes, fixed pricing, fixed duration. They couldn't plan their business. If they knew today they were paying this, four months later, they come in with a PO and say, "Oh, there's a new price now," right? Because the world has changed. They wanted certainty to predict their business. And a lot of their commentary was, "If I know what I have, I can plan my profitability and my business around that. Yeah. If I'm, you know, every quarter wondering if, you know... I don't, I don't wanna be maybe in the more of the, the memory business of, of, of, of arbitraging, you know, pricing depending on supply and demand." And so those LTAs have served our customers in this downturn as well as it served us, because it's preserved for them the ability to sit and talk and say: How are we gonna work this together? Most recently, a great customer, Cirrus Logic, in their earnings call, talked about how they worked with us in their LTA to shift the capacity from one product set to another in a different node, and we're able to make sure they were building products they needed to meet demand and not letting the LTA get in the way of doing the right thing. A number of our customers are sitting with us now, and how do we preserve the economic value? It's not saying it was X number of dollars over three years becomes X number of dollars over four years. Yeah. It's how do we make that fourth year even richer- Yeah With different designs that you can design into this thing? And so it just creates, again, a framework that depending on the depth and the length of the cycle, how do we get through it, where we're both kept whole as much as possible, rather than being disproportionate on one side versus the other? And believe it or not... The partnerships that we created creating the LTAs are being validated in the conversations we're having now in the downturn, where it's a lot harder. Mm-hmm. Do you guys have a sort of- By the way, it's $27.5 billion of revenue to date of LTA signed, with about $5 billion of customer participation in some form or the other of the CapEx required to create that capacity. So it's been very successful. Yeah. You just took my next question, so I can check that off. Oh, sorry. One other one on, on the LTAs is, is there a limit to the, you know, sort of backlog coverage that you will have from an LTA? And maybe talk about, let's just take the cycle out, but let's say for the next, I don't know, year and a half or 2024, what sort of LTA coverage are we looking at or striving for, for the backlog? Yeah, let's talk about the, I think, the right model on that. Because you're always playing around the edges of that if you're under a load. The last thing... You know, in the beginning, it becomes a little bit like, "Wow, let's get everything we-- let's get 100% certainty baked into our business. So let's get-" And that's the wrong model because then you don't have the ability to remix. Yeah, exactly. You don't have the ability to respond to opportunities- Mm To even some of the customers that maybe didn't want to commit to their complete demand need, but wanted to know that, you know, if it came in, was there a way to solution it? So I would tell you, depending on where you are in time, so maybe one year out, you want 85%-90% certainty in that business. Mm, okay. Three years out, you may only want 60% coverage of your capacity because you want that ability to remix the business and to work with customers for new design wins. The worst thing you can do is to say, "I'd love to win this business from you, I just don't have any capacity for you. Mm-hmm. So we're constantly fine-tuning on what horizon do we want that certainty of demand vis-à-vis the capacity that we put. Yeah. And then I think Dave mentioned on the last call that, you know, some of the LTAs get renegotiated, like Cirrus Logic, where you just ship them. So how do you guys approach that? Is it only on volume? Is there some on price? What's the if you could give us some insight into the process of that. There's a number of different levers that can be used, and customers get to choose. Some of them is, how do I remix to a different corridor like that one? I think another key lever is, all right, how do I preserve the longer-term economic value? I'll do even more business 'cause let's spread it over a longer period of time. Yeah. And then, in some cases, you know, maybe some customers got really well ahead of what they thought they would need. Different elements took place in the marketplace, and they choose to pay an underutilization fee. That's their choice- Oh! Take it as a one-time charge. And so those are the elements, and it doesn't mean you do one versus the other two. Yeah. Sometimes it's a combination of, of these. But those are the key ingredients of how to go work through this. Yeah. The most important ones for us are the remixing and the creating longer-term, a business opportunity, you know, holding true to the economics of the original deal. Yeah. Not spreading the revenue over more years, but making more revenue over a longer period of time. Yeah, and it sounds like there's a number of ways to- Yeah To cushion the blow as well. Just on the competitive front, I mentioned UMC earlier, so hopefully that dispels that, although probably not, given how much I've flapped my gums about that over the last year. You know, you see China launching all these foundries out there, really, really all over semis. How do you assess the competitive environment from them? What's the threat level for you guys? Yeah. I think the common misconception is, because I manufacture, I can be a foundry. Mm-hmm. Now, you can't be a foundry if you don't manufacture, but it's like a fraction of what you need to do. You need to have, you know, the capabilities to actually have enablement for customers to design your technology. So it's your process design kits, it's your standard cells, your libraries, your foundational IP, your complex IP, on a platform that's built for applications that matter to customers. So buying equipment is the easy part if you have a checkbook, right? Yeah. Hooking them up, running them in an efficient and effective manner on technologies that matter. And so you just don't wake up one day and say: I want to be a manufacturer, I'm going to get myself into the manufacturing business. This is something that's a long journey. And so we see a lot of that. There's a lot of desire to create manufacturing- Mm-hmm But not necessarily a lot of what it takes to actually create and use- Yeah That capacity. You know, for us, we will stay, as long as we play in a very big market opportunity, our SAM is big and growing compared to the size of our revenue, we will pick and choose what we call priority battlegrounds. Mm-hmm. You know, the areas of the SAM where differentiation matters, that we enable our customers to win in the marketplace. And as long as we stay true to that, we're not going to get into the fray of more commoditized capacity that's being put on. Yeah. And let's take the other side of that. A question that I get asked a lot and that pops up is the, you know, geopolitical issue of Taiwan. You guys don't have anything in Taiwan. You're all, you know, U.S., Dresden, and Singapore. Do you ever see customers calling you up saying: "Hey, you know, we're a little nervous about this Taiwan situation. Maybe we should- So- Give you guys a try? So let's go a little bit back to your China question, and then I'll fast-forward to... So, dynamic in China, China's putting a lot of capacity on. Why? It's for China, built in China, right? Again, they're still gonna have to figure out how to make something to build. Yeah. One of the fastest-moving engagements we have are fabless companies in China and in Taiwan, wanting sources out of Taiwan and China. They want to be global fabless companies, and therefore, they can't worry about a geopolitical issue or a sanction of some sort, keeping them from shipping to their global customers. In fact, global customers, right, would be hesitant to bet their products if it can only be built in a region that someday, you know, could have. And so these customers are working with us to say maybe not for the, you know, made in China for China, how about made in GlobalFoundries for rest of world? Yeah. And so we're seeing in part of the response to these geopolitical concerns, right, these fabless companies coming to us, and we've already, to date, have one design win in process, another one already in first articles of product shipping and yielding and starting to think about how that will ramp. And again, it's for these customers, these fabless customers of ours, to be able to ship worldwide to their customers. Yeah. And, to dovetail on that, we had the CHIPS Act folks here, presenting this morning. And they talked about, you know, wanting to, increase the scale of U.S. manufacturing. Something tells me you guys might have been, you know, critical element of crafting the, the CHIPS Act. Any insights you can share there and what the CHIPS Act could potentially mean to GloFo? Yeah. So I think this is the bigger point. It's, you know, it's not just the CHIPS Act in the U.S., it's the European version. We'll get to that one, too. Yeah, yeah. So look, it comes to a fundamental issue with the industry and maybe a little bit of the fundamental value proposition that GF was first conceived. When we conceived, we were called GlobalFoundries, and the tagline for the company was, "It's the world's first truly, you know, GlobalFoundry," right? To create supply chain resiliency. And it was met with, who cares, right? It was a kind of an idea ahead of its time. Yeah. But it did make a lot of sense. You know, forget geopolitical issues, there's geological issues or any kind of issues, anytime something so important as semiconductors to the world economy are so concentrated in one part of the world. You know, a lot of risk goes in single points of failure- Yeah Independent of what's the origin of that risk. And so when a chip crisis like 2021 happens, and the world becomes a lot more aware of what a semiconductor is and how important it is, and then learning where it's all built, it starts to create... "Okay, we have an issue we need to do something about." And what the U.S. and Europe is trying to do is create through, I call them co-investments, you know, incentives is what some is to create the economic conditions by which manufacturing in the U.S. can be globally competitive- Yeah With the rest of the world. So that's the essence of that. But what is GF going to do? Is we will continue to leverage the fact that we have a global footprint, and we will continue to grow that global footprint where we already have existing sites. So we have a program in Singapore that started first pile on the ground, summer of 2021. First tool moved in June of 2022. Next week, we'll be in Singapore, celebrating first wafer shipped out of the expansion we started in 2021 out of that facility. Over the last couple of years, we've invested over, you know, $800 million in our Fab 8 facility in upstate New York to create capacity there. Over the last number of years, we've taken Dresden from, like, 350,000 wafers to 850,000 wafers. We will continue to do that. In the U.S., when we decide to grow that footprint, the clear part of making sure the economics work are the incentives that come from the government. So yes, we are a part of that program. Remember two parts, ITC, 25% tax credit- Yeah And the CHIPS, which is a 5%-15% coverage. Yeah. And so, you know, it's important to get both of those, but not lose sight that the ITC already exists. You can already apply for credits against that if you've spent CapEx since last August. Mm-hmm. And so it's an important part of taking a desire and a will, U.S. government, I want more semiconductor manufacturing in the U.S., and turning it into what's required to create the right economics to attract that. It's a lot easier for companies that already exist in the U.S., especially if they already have facilities to expand- Yeah Than it is to go greenfield- Yeah Because the economics of greenfield expansion are really, really expensive. Yeah. You're probably one of the better guys to ask. Do you have any idea when we might get to see some clarity on the CHIPS Act funds getting dispersed? Do you think first half of next year is a reasonable expectation for when we could see some announcements? I think this ties back to the three ingredients that will make the CHIPS Act successful. The first one is broad-based distribution of funding. That's why the ITC works in conjunction, so that $37 billion of the $54 billion that goes to manufacturing- Yep Has big impact. That means it has to start with manufacturers of the raw wafers producing in the U.S., right? And it means it goes through essential chips like GF creates. It goes to single-digit nanometer that other companies make. It goes to packaging so that you have an end-to-end holistic supply chain. So one, make sure that the money is not too concentrated or you didn't fix a supply chain, you fixed one link in the chain. The second thing is probably the most important. Public-private partnerships will always come under a high degree of scrutiny because you're using other people's money to pay for it. Yeah. Build an empty fab, and you will see public outrage. So I think some of the timing you're seeing is time to a market recovery where we need that capability to add. Yeah. If we go too fast and build empty factories, all the right intentions will come under a lot of criticism. Yep. So I think the timing is just fine right now. If we were doing this in 2021-... Right? When, when there was clamoring that we are, there would be a lot more aggressive in getting these programs signed up and, and capacity being built. But right now, we're in an industry that's not, you know, suffering from an- Mm An undersupply, right? Yeah. It's more of a demand story. And then, of course, the last ingredient is making sure we have the talent and doing the right thing in the talent pipeline. So I think, Secretary Raimondo and her team being very thoughtful- Mm-hmm Making sure we can spend that kind of money, and, and that comes from taxpayers, that it's done in a thoughtful way, and no one looks back and criticizes how they did it. And I think a lot of the timing has to do with demand, and it does the application process. That makes a lot of sense. And then you touched on the, I guess, the European CHIPS Act. Anything you could share? You guys do have a pretty large facility in, in Dresden. The opportunity to, you know, pick up some- Well, if- Help there. Something we've already announced, and it comes back to this idea of we will never do greenfield. We don't have to. Yeah. We've spent 10 years creating a global footprint that others will try to replicate now. Our program within partnership with ST in Crolles, France. Yep. That was part of the European CHIPS Act. It was funded by the French government to create the types of capacity, the central chips we make in partnership in Crolles. Again, that's a program that's in place, and the timing at which we will create that capacity is all about certainty and demand for our customers. Yeah. But knowing that that program is there for us to go take advantage of. And the same thing will happen when we need to create new capacity in, in Dresden, Germany. You know, the Saxony, local government, the German government's fully behind, you know, GlobalFoundries. 'Cause we've been a great partner for over 30 years now. Yeah. So let's tie that in to something you said earlier about the, you know, the long-term margin and growth targets. Maybe just give us sort of a rundown of the capacity expansion plans at GF with your various locations, and maybe the timelines to achieve the margin and the growth targets. And has this correction done anything to alter those timelines? Yeah, I think the conviction around getting there is only higher now, and I think part of that comes from, you know, our margins have held steady even though we're utilized, you know, call it between 80% and 85%, right? Yeah. And that's a big deal because for every five points of utilization, right, we get a point or two of margin. So scale is really important for all businesses. Our capacity in 2020 was 2 million wafer 300-millimeter equivalents. Yep. By the time we get to 2024, that'll grow to 3 million wafers. And so that buys us a lot of headroom for revenue growth. You talked about our ASPs before. Yeah Right? Rough number was $3,000, right? So you take 3,000 times 3 million, and there's $9 billion of revenue- Yeah Off of where we are today. You know, put another 10% of non-wafer revenue, that's kind of in our mix. So we have already in the investments we've made a pretty good growth trajectory. Yep. We're not having to spend a lot of CapEx in, you know, the balance of this year going into next year. And then, and then from there, we will plan our business as how, how do we go beyond that, that, that $10 billion of, of sort of revenue that we've already invested for? Right. We'll do that in a very thoughtful manner- Yeah Certainty, durability, and profitability. Certainty of demand, durable markets where we have differentiation, and the profitability is what's the economic model that creates the right return on those investments for GF? Yeah. By the way, when do you think we can expect to see the first products from the Crolles partnership with ST? And will it be on a certain area or a certain end market or certain products, or is it across the board? No, it's 22FDX technology platform. And I think this is something that's, you know, a couple of years out. Great. All right, and with that, we're out of time. Thanks again, Tom. I didn't even get to talk about AI, huh? How did that... Thank you.