A working lunch. Yes. Is what we've got going on. So, for important disclosures, please see the Morgan Stanley Research Disclosure website at morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. I'm Meta Marshall. I cover the networking space here at Morgan Stanley. We're delighted to have Keysight and Neil Dougherty, CFO, here with us today. Thanks so much for being here. Yeah, thanks for having us. Great. You know, maybe diving in, you've kind of seen a re-acceleration, a return to growth after a tough kind of 2024, really. As you think about emerging from that, has it changed your perspective on kind of what the market growth is? Yeah, I think at the highest level, the answer to that question is no, right? If you go back to 2023, our analyst day in March, we outlined what we thought was going to be kind of the over-the-cycle growth rates for the end markets in which we participate. So, commercial comms, 4-6%. You know, certainly within that market, we've seen the mix shift between wireless and wireline here recently, but I don't know that it's changed our view on the overall growth rate of that market, again, over cycles. Aerospace and defense, you know, a market that's growing GDP, GDP plus kind of rates, 3-4%. T hen on the industrial side, you know, again, similarly, a 4-6% growth rate over time. Then at Keysight, we always look to outperform those market growth rates, and that's what's led us to put out external targets in the 5-7% range for Keysight. Then I think if you want to go deeper than that, you know, you need to look at what's happening in each one of these markets and the environment that we're in. What we've said is that right now we're expecting kind of a gradual recovery off of the trough that we've been over the last period of time. Some of that is because these end markets in which we serve, they're not coming out of this in phase with one another. We have different markets that are in different stages. I think, you know, and if I step back from Keysight, that's been more the norm is that the diversity of Keysight. You tend to have some markets that are inflecting positively, whereas others might be in various other states. So, kind of stepping through them. On the commercial comm side, you know, we talk about wireless and wireline. Wireline, obviously the high point at this point, driven by AI and the evolution of Ethernet speeds and the investments that are happening in data center. We have a lot of touch points within that end market. Clearly, the highlight of kind of our market exposure at this point. I think on the wireless side, what we're seeing is stability, albeit at a lower level than we were at in the 2022 or 2021, 2022 timeframe. We are between 5G and 6G, clearly, but there is, you know, we're still in the early instantiations of 5G. There are multiple revs of the standard that still need to come out. Before we get to 6G, they're going to drive incremental waves of investment in things like reducing power consumption, non-terrestrial networks, you know, starting to think about AI at the edge are going to create opportunities for investment within the 5G ecosystem. Then we're already seeing the early stage research in 6G. So, kind of stable at a lower level for now, and that's our base case as we think about it through the remainder of the year. On the aerospace defense side, you know, I think we're bullish about the intermediate to long-term opportunity in aerospace defense. We're certainly seeing NATO allies commit to spend at a higher investment, a higher percentage of GDP. There seems to be broad political alignment between the Democrats and the Republicans in the U.S. on the need to invest in defense technology, which is good for us. In the short term, there could be turmoil, particularly when you see change in presidential administration. So, we saw a little bit softer orders within the quarter. I think most of that is just things pushing out. We'll get those. We'll get that We'll get that business here later in the year. We have a high degree of confidence. Got it. I mean, when you think about your kind of target longer-term growth rate of 5%-7% versus an industry kind of growing 4%-6%, does that excess growth come from market share gains or just participating in better markets? I guess by definition, it's share gain, obviously, if you're outgrowing the market. I think, you know, because of the breadth of our portfolio, it's hard to say it's the latter, because I think we actually see the opposite of that. Sometimes you'll see some competitors that have a narrow portfolio or a narrow market focus, and they underperform when that niche that they're in is on the downside, and they overperform when that niche that they're in is in the upside. We have such broad exposure to these end markets and a unique ability to service them end-to-end and up and down the stack that I think it's that that's allowing us to outgrow the markets. We can bring complete solutions to the marketplace that address the specific challenges of these industries, whereas if our customers choose not to go to Keysight, in many cases, they're having to cobble together a solution that includes components from three or four of our competitors, and so that's a competitive differentiator for us that allows us to more specifically target the challenges of the industries that we serve. All right, perfect. Maybe diving deeper into the AI opportunity for Keysight. You know, we hosted a tech talk with you guys last year. You were talking about kind of a broad opportunity to participate in the AI market. Just where are you seeing the biggest opportunity today, and is it kind of concentrated or is it broadening out? Yeah, you know, so first of all, I think we see the AI space is still highly concentrated, right? A lot of the activity is being driven by four or five names and the hyperscalers, and then obviously the NVIDIA ecosystem. That being said, you know, there are a lot of parallels as you think about Keysight's presence in that wireline space and how we enabled 5G. I'll just draw that link for a second. If you think about 5G, we talked about serving all the component and chipset manufacturers, the folks that are making handsets, the folks that are making network equipment, including the big push into O-RAN and the disaggregation of the network. T hen we have a smaller business, but we have a business with the service providers themselves. Now, you just kind of take that framework and you think about it. On the wireline side, we sell to the folks that are doing network silicon. We sell to the folks that are doing the optical transceiver space. We sell to the folks making network equipment, and then we sell to the hyperscalers themselves. A gain, a lot, and I skipped one, we also sell to the folks that are doing kind of connectivity, cabling, and connectors. There are a lot of touch points within that ecosystem, but AI is kind of the broad driver that is driving wireline, you know, across the board. I t's a unique ability to, again, service an ecosystem, not just at the physical layer where Keysight has been historically strong, but now with protocol-level solutions as well. Okay. I mean, I've used you guys as resources to kind of explain some of this data center technology. You guys have a lot of expertise kind of in-house. Just are there other areas of testing that your customers are asking you to get into as they try to kind of build these more complex networks? Yeah, I mean, absolutely. I think we're finding a lot of new touch points. I'll give you an example, something that's exciting, you know, one of the more exciting things that we've kind of marked. It's still relatively small because the product's only been on the market here for a couple of quarters. Y ou know, the hyperscalers are spending big dollars deploying these data centers. What they want to be able to do is have that data center deployment be as efficient as possible. W e've come up with a solution which we're selling to the hyperscalers that essentially allows them to model their AI workloads in a lab environment so they can fine-tune how the data flows across those networks, optimize the data center design, and then ultimately deploy a more efficient network. So that's one example. There are others as well, but that's one that's already in the marketplace of how we're able to go in, see a challenge that an industry is facing, look at technology that exists across Keysight, and provide a solution that addresses a specific challenge. All right, perfect. Maybe moving to the wireless side of the business, you know, you kind of mentioned we're in between cycles, but we get this question of just where are we in terms of the 5G cycle? Has, you know, investment peaked? J ust what kind of keeps 5G investment going as we wait until we get to 6G? Yeah, so I mean, I think it's true. We've likely seen industry CapEx has peaked, right? The big nations have deployed their first 5G networks. There's still a lot of places where 5G is not available, so we'll continue to see 5G rollouts. T he big investments in China, in the U.S., in Japan, in Korea have happened, right? Now, it's important to note that we're still on the first instantiations of 5G. So just reminding everybody, you go back to prior versions, we had 3G, 3.5G, 3.9G, LTE, LTE Advanced. 5G Advanced is coming. So you ask what drives, what's continuing to drive investment. I think that's important. These are big markets. They're big markets for Keysight. W hile we've seen some pullback in our business over the past couple of years, this is still a big revenue driver for our company. They're investing in, you know, the additional technology development that's coming out in these new revs of the standard. So things like Reduced Capability, reduced power usage, non-terrestrial networks, AI at the edge, early 6G research, you know, kind of trial balloons as you look forward to 6G being kind of defined in rev 21 of the 3GPP standards. So there's a lot of that is about adding feature sets and optimizing these 5G deployments that have already been made. A gain, just putting into context, you know, long, long cycles. We still have hundreds of millions of dollars of 4G business that we're doing. Y ou know, we're still, you know, in the middle of 5G, is how I would likely describe it. Okay. A question we tend to get is your exposure to R&D versus production on the wireless side. We've thought about 30% as a proxy kind of for the production exposure, but maybe it would be helpful to kind of outline the split and kind of any specific where kind of we should think about those production exposures, particularly as we think about some recovery on that wireless spend. Yeah. So I tend to think about 30% as the rough exposure for manufacturing at the Keysight level. W hat we tend to see is higher exposure to manufacturing on the industrial side of our businesses than on the communication side of our business. So we haven't put out a number, but on the wireless side, it's less than 30%. On the wireline side, it's historically been even more heavily skewed towards R&D than on wireless. You know, I think it's well noted over the past several years that Keysight has gotten out of the handset manufacturing test business. We have no exposure to testing handsets at this point in time. So what are we doing in the manufacturing space? We're testing components and chips, you know, that go into handsets, that go into network equipment, and then we do some of the network equipment tests in manufacturing as well. E ssentially, we're focusing on places where the cost of failure is relatively high. T he cost of failure of components and chipsets are high because the handset players have a lot of power, and you don't want to be the reason why a big handset manufacturer has had a challenge, right? There's a lot of risk in the game, so they test those components and chipsets to a very high degree. Cost of failure on a piece of network equipment is high because once you deploy it out in the field, you got to send somebody out, they got to climb up a tower, there's a big repair cost. The cost of failure in a handset market is very low because there's a handset store on the next corner for just about everybody in the developed world. Y ou couple that with the fact that the failure rates are so low that it's easier to replace the rare broken handset than it is, it's cheaper than testing, you know, doing a complex level of test. So we've walked away from that market, and they're focusing on areas where there's more value add. Okay. A sign that I'm getting old, I'm going to ask you about 6G, which I figured I would never have to ask about. You know, can you just outline how you see that opportunity today? Just kind of what are milestones we should be thinking of, or, you know, when can we really be having that conversation about 6G? J ust do you see that competitive? You gained a lot of share in 5G. Just how do you see the competitive environment shaping up for 6G? Yeah, I mean, I think, you know, first of all, so where are we in 6G? You know, at Keysight, we think about 6G deployment from a commercial perspective probably happening sometime 2029, 2030, maybe with some reasonably sized trials in 2028. People sometimes point to the LA Olympics in 2028 as a place where you might see some sort of a reasonable trial of 6G technology. From a Keysight perspective, you think about developing all of the, again, components, devices, network equipment that are going to meet a deployment sometime in the 2029 timeframe. U s as a provider into the R&D labs, you need to back up 24 to 36 months. So that puts you somewhere 2026, 2027, we're likely to see meaningful ramp. Now, what we are already seeing today, and we have a 6G business that we measure in the kind of high tens of millions of dollars, you know, kind of a range. It's, we characterize capital R, little d, right? This is research. They're working with standards bodies to define what 6G is going to look like, what's going to be included, what are, how do they meet some of the physics challenges that are likely to exist as you move from 5G to 6G. W e're starting to see that activity. As you noted, we gained significant share during 5G. A ll I'll say is I think we feel pretty good about, you know, about our positioning going into 6G. I think one of the benefits of Keysight and the work that we've done to improve our financial model over the years is we've just kind of been through the downside of the cycle, you know, but we still maintain operating margins 25%-26%. We generated close to $1 billion of cash last year, and we did that without taking our foot off the gas in R&D. W e have been very focused on making sure internally within Keysight that we hit those 6G market windows and we have the right portfolio of products coming to market over, say, the next 12 to 24 months to capture the market window. So we feel pretty good about where we're positioned, but it's very early days. Okay. You know, moving back to aerospace and defense, you know, this has clearly been a strong market for you guys over the years. You mentioned kind of everything we're seeing currently in the political environment might affect timing, but generally, you know, you see kind of a strong environment. Just what kind of gives you confidence that this can continue to be a source of strength? Yeah, I mean, I think I touched on a couple of things, right? The left and the right in the U.S. don't agree on a lot, but we have now seen seven or eight consecutive U.S. budgets with increases in defense spending. O f course, that's across both the Trump and Biden administrations, you know, both various combinations of control in Congress. There's this political alignment, and I think there's a recognition that, you know, in the world of modern warfare, there are significant technology gaps in the U.S. that need to be plugged, and they're working to address those. N ot just in the U.S., you know, similar investments are being made around the world. Obviously, you saw during the first Trump administration, him starting to put pressure on NATO allies to meet their commitments in terms of defense spending as a% of GDP. So we've seen that start to happen, and now there's further pressure for them to increase. I think there's continued nervousness about the, particularly over the last week or so, about the Russia-Ukraine situation, and Europe may be having to take greater responsibility for securing, you know, defense within Europe. I think we're likely to see increased spending across the allies and sustained, you know, investment, particularly on the technology side of things here in the U.S. A gain, the business can be a little bit difficult to call quarter to quarter because you're dealing with governments, you're dealing with politics, but it tends to be easier to call over the longer term for these reasons and the fact that once you're in these programs, they can be, you know, decades long kinds of programs. T here's a stability factor that comes with that. Okay, and just reminding investors of kind of what that A&D business looks like between the U.S. and international. Yeah, so our business at the highest level, you'd say maybe 50% U.S., 50% international, but I think you need to then take into account that a lot of the allies are buying product out of U.S. programs, so if you cut it a different way, you'd say maybe 65% of the business for us is in some way linked to U.S. programs, even if the end destination is an offshore entity. All right. Perfect. Maybe on the fiscal Q1 call last week, you talked about kind of broadening the customer base of ESI, one of your acquisitions you did last year, might have been late 2023. You talked about broadening that customer base into aerospace and defense and kind of other areas of the business. Can you just remind the audience of kind of what ESI does and just the process of selling that business into other verticals? Yeah, absolutely. So maybe step back even a step further. Keysight is working to build out, you know, a franchise around design engineering software. We've had a long-term presence in that space back into the early 1990s with our RF and microwave EDA business. We have the number one franchise in RF and microwave EDA. What we recognize is that our engineering customer, particularly as the ability to, you know, do digital twins and model and emulate various different types of systems, as the simulation and emulation models have gotten dramatically better over the last several years, there's a desire for our engineering customer to spend more time upfront in the design process, simulating, emulating, digital twinning, if you want to use it as a verb, because those models are so much better before they build expensive prototypes. What we're looking to do is connect that ecosystem, get Keysight, get customers using Keysight simulation and emulation tools, but we need a broader portfolio of them before they build prototypes and ideally build, you know, buy Keysight hardware and software solutions to test physical prototypes. Y ou know, with that EDA business as a core, we went out and bought ESI, which is a kind of physical modeling capability that was focused in the auto industry. Their number one market was in crash tests, but that gives them the ability to model complex, you know, physical types of things to deal with things like heat and vibration. A lot of core capability that we, you know, we directly apply to a market which we're already focused on in automotive, but we see as extensible into these broader modeling capabilities and had direct extensibility into industrial and aerospace defense and market. So that business has been with us now for about a year. It's a high recurring revenue software business, and I think we've seen that play out as expected. I did say on the call that, you know, the one kind of downside, if you will, was with the auto markets being depressed. We didn't see quite as much upsell as we were expecting. W e were able to offset some of that because we're starting to see uptick with these aerospace defense customers and industrial customers adopting this tool. Bit of a longer sales cycle, you know, particularly when you're taking a tool that's primarily been focused on one industry and introducing it to a brand new set of players, but we're pleased with the traction that we're getting. T hen just continuing the thought about, you know, Keysight building this design engineering platform, we have a couple of additional pending acquisitions out of the Synopsys Ansys acquisition, buying optical simulation tools and power simulation tools, again, as we look to build a more robust suite of simulation and emulation capabilities. Okay. Perfect. Kind of rounding out the businesses on ESI, you know, you've seen strength from the memory markets over the past couple of quarters. You know, obviously the EV market, as you just mentioned, has been a laggard. Just kind of where do you see the prospects of that business and just, you know, where do kind of foundry or kind of this decoupling of the semi-market, kind of how does that play into the opportunity? Yeah. So if you think about our industrial business, we kind of subsegment into three areas: automotive, semiconductor, and then broad general electronics. I'll touch on each of those. I think we'll start with the one that's, as you say, the laggard. I think we can even further subsegment our auto business into the third that's historically been manufacturing driven, the third that's roughly EV driven, and then what we call the software-defined vehicle. T he manufacturing piece, we test populated PC boards that go into all kinds of vehicles, ICE, electric, it doesn't really matter. You can think of all of the electronic content that's in these vehicles. That business has been soft now for 12-18 months as manufacturing production volumes have fallen off. We have a high degree of confidence, you know, given the differentiation of our solution that when those markets recover, we will recover with them. On the EV side, you know, I think that market has also been soft. I think OEMs are questioning the need to make the big investments in battery development when it looks like they're going to be relatively low-cost ways to purchase batteries. I think there's an industry question out there about do the auto OEMs around the world feel this is technology they need to own, or is it technology they're going to buy? I don't think the industry's decided on that. So I think that's a watch for us. I think the good news is that business has been soft now for a while, so we're significantly de-risked. Not a lot of downside. We may miss out on future upside, but there's not a lot of downside from where we are today, and then the software-defined vehicle, and in that we would include everything from ADAS to in-car networks to the complex infotainment system, the complex sensor networks that are in vehicles. That business has been pretty stable throughout this whole time, and, you know, particularly as we look to ADAS, I think there's a lot of positive things to come. Moving on from auto into semi, I think we're starting to see a rebound in semi, particularly on our parametric test portion of our business. That's a foundry business. Some of these big foundry programs in Arizona and Texas and Ohio that were on hold are starting to pick back up, and we're starting to see, and not just in the U.S., in other places around the world, we're starting to see kind of a reinvestment in semi capacity. I think the intermediate to long-term outlook on semi is great, not just driven by AI and 6G, but just the digitization of everything, so we're pretty optimistic about that market. That leads you down to this general electronics market, which is kind of a, if it's not aerospace defense, it's not communications, it's not auto, and it's not semi. All the other electronics around the world fit into this general electronics bucket. It's a really, really broad set of things. We've seen strength recently in med tech. We've seen strength in advanced research and the education markets. We've seen outside of China, we've seen normalization of the distribution channel, which has been challenged over the last 18 to 18-ish months. Still a couple of quarters probably to go to get normalization of the channel in China. F eel pretty good that we're kind of worked through some of the challenges in that space and are seeing some positive signs. Okay. Got it. Maybe kind of moving on to the P&L, just on operating margins, you know, your target is 31%-32%, but you mentioned kind of achievement of that might slip past 2026. Just what are some of the factors in considering, kind of thinking about operating margin expansion? Are 40% incrementals on 5% growth rates still kind of the way to think about that? Yeah. So a couple of important points in there. So we did put out this 31%-32% operating margin target at Analyst Day in 2023. Not the best timing in the world considering what happened in the markets in the quarters that followed that. W e're not backing off of that target. I think it's pretty clear at this point that, you know, we're going to have to push out the timeline from 2026, but we definitely see a path to get there. Our base model calls for us to deliver 40% operating leverage when our businesses grow 5% or more. I think that is still an accurate way to think about it. One of the things you can see through looking through our history that there are points in time where growth is materially above 5%, and when it is materially above 5%, we can often overachieve on that 40% incremental. So if you start thinking about closing the gap from where we are today in the mid to high 20s up to 31 or 32, you know, if you want to accelerate that, we're going to need some periods of time where growth accelerates. I think the other thing that can help us is as we get these acquisitions closed and start to fold them into our business, you know, both the Spirent business, which is a pending acquisition, you know, that has north of 70% gross margins, and then the two businesses that we're buying out of the Synopsys Ansys acquisition, those are software businesses with very high gross margins as well. So to the extent that we can leverage our sales channel, leverage our low-cost back office, those things to have a chance to, you know, on a post-integration basis to turbocharge earnings growth. Got it. Maybe just a question, you know, obviously very topical this week, just around tariffs and how to kind of think about where your exposure lies or kind of how to contextualize, you know, how you're looking to mitigate any potential exposure. Yeah. I don't have a crystal ball, right? It's a crazy time, but I can say that Keysight as a whole, we do not have measurable exposure in Canada, Mexico, or China. So we're not worried about direct first-level tariff impacts from those regions. We're more worried about macro or industry-specific impacts, which, you know, frankly could be positive or negative. The negative I think is obvious, but as people potentially look to make investments to shift supply chains in response to tariffs, there could be some positive responses as well. I think as Trump talks about, you know, broader tariffs or reciprocal tariffs, you know, our primary finished goods manufacturing is in Malaysia, and so we'll be watching that very carefully. There are other areas around the world where we do some manufacturing. I think it comes, the devil's in the details, not just which country, but how are those tariffs structured? Do they target specific industries? You know, how do they deal with U.S. content? All of those things. W e're monitoring the situation very closely, you know, thinking about potential contingencies, but, you know, right now not taking any specific actions. Got it. Okay. I maybe want to spend the last bit of this time. You know, you have a number, you've been very acquisitive, you have a number of acquisitions that are kind of pending. Just kind of status of the pending acquisitions maybe to start with. Yeah. So, you know, I think, again, kind of stepping back, we've always had, you know, a desire to continue to grow our business properly through M&A. I think we're disciplined acquirers. I f you go back to 2021, 2022, valuations were sky high. We didn't do a lot of deals of size, right? We did some tuck-ins here or there and kind of bided our time. I think we're pleased that, you know, as this market correction in our space has come, I talked earlier about keeping our foot on the gas from an R&D perspective. The other thing we were able to do is maintain dry powder and act on some acquisitions. You mentioned ESI, software acquisition, Spirent, the Ansys, Synopsys Ansys acquisitions, and get some opportunities that we felt were pretty favorable valuations that met our return hurdles. I think we paid that patience, that discipline is set to pay for itself. I think we have three deals right now that are tied up in various, you know, regulatory, you know, schemes. First is Keysight's acquisition of Spirent. We are working very hard to get that acquisition closed by the end of our first half, which will be April 30th. We did announce earlier this week that there is. We announced previously there's a divestiture that's going to be required to get that acquisition closed. We now have a signed contract with a buyer, Viavi, to buy the high-speed Ethernet business and security business that is part of Spirent. W e're continuing to work with. There's a decision date with the CMA coming up on March 13th. W e're continuing to work with the regulatory authorities to advance towards that April 30th date. Synopsys Ansys, similarly, they're working through their process. I believe I saw an announcement this morning that they got a decision out of the CMA that's positive. They've gone and raised capital, so again, I think we take that as a positive sign that their confidence is increasing, and but these things are unpredictable, so we're both, we're all continuing to work in and advance it, and we'll see. Okay. Can I just ask a clarifying question there? Just the size of the business, is what you sold the entire network and security business out of Spirent or just a portion of it? Let's talk about what we, I believe, the precision location business was actually managed within that security portfolio. What we're primarily keeping are the two things we most coveted. Their network assurance business, which is, you know, a business on deployed networks that's just a kind of a gap in our portfolio, and precision location, which we believe is going to be increasingly important as you move from 5G to 6G, as well as in these aerospace defense end markets, having this precision location capability. Okay. All right. Any questions from the audience? Yeah. Yep. Yep. All right. I just wanted to ask about defense. I think, you know, investors might have a misunderstanding of the exposure that, you know, perhaps it's subject to risk of DOGE efficiency improvements that the U.S. government's trying to make. I think you guys also have a very large foreign exposure. M y guess is the things that you guys tackle in the U.S. are strategic areas for the U.S. to invest. M aybe you could just speak a little bit about that. Yeah. So as I said earlier, about half of the exposure is to the rest of the world and about half of it is U.S., both direct to the government as well as to the prime contractors. I think, you know, obviously the DOGE has not yet really turned its focus to the Pentagon. I would say that based on what we know today, we're not overwhelmingly concerned, right? I think they're going to look for gross inefficiencies in the procurement process within the DOD, but are unlikely to target the kinds of technology-driven investments advancing, you know, things like electromagnetic spectrum operations, communications networks, these secure communications networks. The types of things that are necessary in modern warfare, I think are unlikely to be the targets of DOGE. So never say never. We do, honest answer is, as I said earlier, there's a lot of chaos. We don't really know. I, you know, right now we do not have a tremendous concern about exposure from things like DOGE. Again, the broad political alignment in the U.S. and new commitments externally to invest in defense technology. I think that bodes well for Keysight going forward. So we're bullish on the outlook over the intermediate to long term. All right. Perfect. Maybe last question that we're kind of asking everybody at the conference, just how are you using AI internally within Keysight and, you know, or how are you looking to use it over the next couple of years? Yeah, it's a great question. I think, you know, we have kicked off an AI initiative within Keysight that has three prongs. So the first one we've already kind of talked about, which is Keysight as an AI as an end market, right? How do we maximize Keysight's participation in this market boom that's being driven by AI? We've talked a lot about that. The second prong of this three-pronged approach is how do we use AI, you know, within our complex solutions to provide better outcomes for our customers, right? As many of you know, AI is really about manipulating large data repositories and the solutions that we make throughout tremendous amounts of data. A high-end precision instrument would sample at the rate of 200 billion precision measurements per second. So you do have a big data problem. The question is, how do you use AI within these test and evaluation environments to provide better outcomes to your customers? We've got a stream that's on that. The third one is how to use kind of AI within the four walls of Keysight to drive efficiency, right? I think, you know, we're in the early stages, but I think the most promising areas, you know, focus on, you know, the efficiency of our software coders, for example, or how do we mine our sales ERPs to get for the most robust customer information so that we can turbocharge our sales and funnel development environment. Beyond that, you start to look at, you know, things like G&A infrastructure, finance, HR, how do you use AI tools to drive cost efficiencies within the environment. All right. Perfect. We're excited to see what comes up for Keysight. T hanks so much for being here today. Thank you. I appreciate it. Thank you.