Hello everyone, and welcome to Nova's Investor Day. We are excited to see so many people on the line waiting for our session. Before we begin, let me hand it over to Miri to start the Investor Day. Miri? Hi everybody. My name is Miri Segal, and I'm the CEO of MS-IR. I'm happy to be here today and to see virtually many familiar faces once again among those attending Nova's Investor and Analyst Day. Over the past 12 months, Nova has made significant strides and met key milestones on its journey of secular growth. The market has been challenging and turbulent, yet Nova's performance remains stellar. Today is a great opportunity to share what drives this performance and lay out the plans for the road ahead. First, we will allow Nova's executives to make their presentations and provide a peek into the company's strategy, financial milestones, growth engines, and competitive advantage. Since it is vital for us to hear your voices as well, please feel welcome to share your comments and questions during the Q&A session following the presentations. We invite you to send your questions to me in the Zoom chat, and I will share them with Nova's executive team. Now, on a personal note, I've been consulting Nova's management team, working closely together for almost a decade, and it's exciting to see the evolutionary journey the company has taken under the impressive execution of its current management team. Solid growth from a revenue level of less than $100 million to over $500 million. Two transformative acquisitions. A share price that steadily climbed from $8 when we first started working together to where it is today, and consistent outperformance of the wafer fab equipment segment. These are the kind of results that speak for themselves. Before we begin, I'd like to remind all participants that certain information provided in this virtual event may contain forward-looking statements, and the safe harbor statement outlined in today's presentation also pertains to this virtual event. Now, I'd like to hand it over to Eitan Oppenhaim, Nova's President and CEO. Thank you, Miri. It's great to have you here together with us. Now, let me get started with my presentation. Last year, we met virtually, and it worked very well for many of you, so we have decided to do it again this year. Yet, I recently had the great pleasure of meeting many of you again in person, and we'll continue doing that in the next conference as well this year. During the session today, we will share with you the recent developments and changes in the company, including our new strategic plan, financial framework and guidelines, the market's current and future dynamic ecosystem as it relates to Nova, and the company's exciting technology directions. With me today, I have Dror David, our CFO, Zohar Gil, our CMO, and Shay Wolfling, our CTO. Together, we will aim to cover everything you may be interested in, including Q&A time at the end of the last session. Following our results for the first half of 2022 and the released guidance for the third quarter, 2022 is shaping up to be another strong year for Nova, demonstrating once again the company's bold innovation, forward momentum, increasing resilience, and most significantly, our growing relevancy to our customers in the most advanced technology nodes. Our industry has seen accelerated growth this year against the backdrop of a challenging supply chain, dynamic geopolitical and economic uncertainties. Despite these headwinds, Nova continued to outperform in 2022 due to our ability to execute a clear long-term strategic plan which we put forth over the past five years. We built this plan on pillars of technology, differentiation, organic and inorganic growth engines, and revenue diversification. With the third quarter guidance in place, 2022 is shaping out to be our best year ever. In 2022, we reached several significant milestones and chartered the course forward. Over the past four quarters, from Q3 2021- Q2 2022, the company revenues exceeded $500 million in revenues, realizing the Nova 500 plan and cementing the fundamentals for our future growth. With nearly $500 million in our cash reserves, plus the recent Ancosys acquisition, and almost a third of our overall R&D investment going into innovative technologies, we are ready for the next phase in our journey. Our strive to outperform continues this year as our reported results for the second quarter represent a 50% revenue growth in H1 2022 over the same period last year. Another milestone we reached this year as part of our Nova 500 plan was the acquisition of Ancosys, which reflects our expanding presence in the materials arena, which we expect to grow significantly in the next few years. With this acquisition, we can now offer a broader solution to our customers that offers dimensionals, materials, and chemical metrology insights under one umbrella. This acquisition will also set us a good entry point to the growing advanced packaging market, which is getting closer to the front-end standard. With the integration of Ancosys, Nova now operates with three full P&L divisions, dimensionals, materials, and chemical metrology. There is no doubt that supply chain and production capacity are becoming major items to handle in this environment. We have not missed a bit in our deliveries during the last three years, and we are currently in the advanced stages of building additional production capacity to support our next growth milestones. In this current global political uncertainty, Nova decided to distribute its manufacturing over three sites, U.S., Germany, and Israel, all in order to maintain benefits and avoid potential restrictions. If we take a brief look at our performance in the last few years, we have been meeting our expectations to double the company revenues every four to five years on average. We could do so by leveraging the company's solid technical fundamentals and strong culture, which is centralized around the people, religiously sticking to our strategic goals and executing them well. Our ability to outperform the industry growth pace and achieve annual records and high CAGRs in the last few years is the results of several elements beyond pure market share that is growing as well. The first one that I would like to mention is the expansion of our portfolio beyond the traditional OCD to other growing areas like materials and chemical analytics. By that, we don't only increase the total available market, but also increase Nova's overall value to its customers. The second is our ability to focus only on differentiated technology that can set us apart from the competition. By now, all our products, including the traditional ones, have a differentiated factor. The third one is our innovative approach to come up with new metrology solutions that have not existed in line before. We did that with the Prism, Elipson, and Metrion. All of these are organic engines developed in-house. The final one is what we have been preaching for the past five years, the diversification of our revenue mix. By now, we have succeeded in diversifying our markets, customers, geographies, and even technologies. We believe that a well-diversified company is better positioned to grow and overcome cyclicality in the market. What does our portfolio look like after the Ancosys acquisition? You already know that Nova's main goal is to deliver process control solutions, which means we provide highly accurate dimensional and materials measurements through the fabrication of advanced chips constructed on silicon wafers. Our technology supports the measurement of small devices in a sub-angstrom environment. In other words, less than a one ten-billionth of a meter. As a company, we approach process control from two different angles. On the one hand, we shine light or X-ray beam onto a wafer and use the reflection, as well as smart, highly advanced physical and mathematical models to measure the dimensionals and materials properties of the transistor. On the other hand, we also employ chemical analysis methods to analyze the advanced materials our customers are using today. All of that to ensure that the materials components behave according to the design. All of our three main product lines are using our advanced software to combine physical modeling with machine learning scheme to extract better results from the hardware and predict the range of the next measurement. Why is it becoming so difficult in our industry to measure like that? Just three small examples, as you see on the right, for what is happening to the semiconductor devices. In vertical NAND, we see growth from 64 layers just few years ago to more than six times as much in the near future. The bump pitch in advanced packaging decreased 30-fold. In logic, we saw a growth of 100 times more transistors on a chip in just few years. Before speaking about the industry drivers and its relations to Nova, I would like to spend few minutes on the technical engines that increase metrology intensity and attach rates beyond the overall chip demand. Back in the days of Moore's Law, architecture was a key player in driving changes in device structure when scaling. Although today, this is not the only methods to improve performance, changes in architectures always drive metrology intensity to new heights. Looking across the semiconductor segments, all three types of devices, logic, NAND, and DRAM, continuously undergo intensive architecture changes to improve performance. As you can see in this slide, looking across the semiconductor segments, all three types of devices, logic, NAND, and DRAM, continuously undergo intensive architecture changes to improve performance. Each of these complicated technical transition increases the demand for metrology, driving metrology intensity higher in every new node. In logic, and specifically now after the adoption of EUV, we expect that scaling will continue to sub-nanometer devices. While new challenges continue to emerge in FinFET, we also start dealing with the highly complicated various forms of nanowires. In NAND, we are seeing daunting number of layers in VNAND moving from one deck to triple deck structure, combining thinner layers and different materials. Lastly, in DRAM, we continue to see aggressive scaling in the sub-16 nanometer with plans to move to 3D devices. At the end of the day, it is a simple equation. The more complex the chips and the transistors become, the higher the demand for dimensional metrology. On the material side, things are becoming just as complicated. Changes in scaling and architecture can improve performance to a limit. The next element emerging to improve performance is the introduction of new materials and compositions which are less stable than the traditional ones. This means adding more process steps, new critical applications, and demand for tighter process control. Therefore, we are witnessing exponential growth in the number of applications utilizing materials metrology. We now see three-four times as many applications running on our tools as we did just five years ago. As a result, Nova's materials metrology solutions are moving from in-fab, meaning couple of tools in a certain fab, to a complete in-line, high volume manufacturing process control tools. As we turn to packaging, we see clear indications that manufacturers are beginning to view advanced packaging as part of the front-end wafer fabrication process. As a result, the demand for stability, yield, and quality is growing, and the utilization of metrology tools is increasing. In the advanced packaging domain, design is evolving from fan-out to 3D designs, creating numerous combinations and new substrate materials. This creates more variation of chemistries than ever before. Feature size and device complexity lead to more process steps, raising the number of interconnect layers from eight in a planar logic device to 17 in gate-all-around. Every layer has its own platers, bath, and cleaners, and as a result, requires more chemical control. All this leads to a constant need to monitor bath purity and solution stability. The result is a growing need for in-line monitoring of the various chemistries in both front-end and back-end, and for more frequent monitoring to meet the tighter specification. With that, we can focus now on the overall demand environment. We are carefully monitoring the market dynamic, which is now driven not only by supply and demand schemes, but also by some trade restrictions and financial sensitivity in the markets. We should expect some volatility in the demand scheme through the next few quarters, mainly by the weakness of the traditional drivers like the PC and mobile, which impact memory supply and prices. We still believe in the industry's secular growth and strong long-term structural demand drivers. The first one, that's charted on the left in the slide, relates to the demand driven by the accelerated digital transformation, which boosts several drivers that will continue growing in the next few years, like IoT, automotive, AI, high-performance computing, and data management infrastructure. At the center of the slide, we can see structural changes in industry fundamentals. In each application, from car to mobile to a server. The content of semiconductors is growing, and most of that can be supplied by the trailing nodes, which are also experiencing growth. The investment in technology transitions in the transistor size and shape in all three segments is imperative to improving performance and must take place a few years before reaching high volume manufacturing. The investment in these R&D lines is significant. The EUV adoption can compensate for some limitations of Moore's Law and accelerate scaling in logic as the cost per transistor is reduced. Following the issues in supply chain, countries and continents are looking differently at semiconductor infrastructure and invest heavily in programs that stimulate local investment and independence. As a result, there is a growing amount of new fabs globally to set this infrastructure. Finally, adjacent market to the front end are starting to improve their technology and therefore invest in metrology and not just in inspection anymore. The third driver family, as you can see on the right, includes the growing use of materials process control in line right next to the process tools. We expect that this area will grow more than the average compound annual growth of process control. Everything I reviewed so far explained the foundations we laid and our confidence in the company's growth. If we carefully review the milestones we reached in 2022, we can say safely that the Nova 500 plan has been achieved and materialized through the last four quarters. In the last 12 months alone, we exceeded $500 million in revenue while meeting our financial model. Executing our organic growth plans, we introduced three new technologies to the market, all highly innovated and differentiated. Leveraging our expanding portfolio, we were also able to increase our overall market share, securing larger deals and providing a full portfolio of solutions to new fabs. We diversified our revenue mix with balanced geography, customers, segments, and product contribution. We also executed on our inorganic growth path, acquiring Ancosys and already reaching accretive values. Now we are ready for the next challenge. What is our next strategic model? Our new target is to reach $1 billion in revenues by the end of 2027. We believe that the strong fundamentals we built over the last few years can support our aggressive targets. The plan includes several pillars. Our new technologies adoption and proliferation rates in the coming years. Introducing new technologies we are currently working on. Growth in our chemical analysis business. Our materials metrology leading portfolio that matches the market growing challenges. The continued diversification of our markets into back ends. Finally, other M&A activities. Dror will elaborate in his session more about the financial model to support this plan, and Shay will discuss further technology avenues in our core organic capabilities. A key component in our ability to outperform our industry and peers and to keep up with the pace of the markets despite supply chain issues has been the constant growth in our production capacity. Smart supply chain management, coupled with efficient and automated production, allowed us to more than double our capacity in the past five years and to double it yet again in the coming five to support our plan to reach $1 billion in revenues, which means growth in all our product line. Since we have this Investor Day virtually, I would like to take you on a short tour of our global production manufacturing facility. Let's have a look. Since we are conducting this Analyst Day virtually, I would like to briefly show how our production facility look like in reality. Welcome to our clean room in Israel, where we manufacture all our dimensional metrology platforms, from integrated to standalone, including the latest Truman platform. As you can see, this room is fully utilized after doubling the capacity in the last two years. This is not all our story. Welcome to our U.S. facility in the Bay Area. Here we manufacture our materials metrology platforms, our VeraFlex, Metrion, and next generation X-ray technology products. You can see that this facility is completely full with our customer system about to be shipped. Here as well, over the last two years, we more than doubled our production capacity. Adding to that, we are now opening a second clean room in this site. Impressive. That's not all. Welcome to Germany, our newest and latest technology acquisition. In this facility, we manufacture our chemical metrology solution, the ancolyzer for the front-end and back-end processes. Following the acquisition, we are encouraged by the growing demand and plan to expand this facility as well. Finally, we are back at our Israeli headquarters. I'm standing in our new 2,000 square meter state-of-the-art clean room, which will be open later this year, and which will allow us to double our capacity yet again. Now that we are back from our short tour, let's talk about the two main elements of our growth engines, organic and inorganic. The next two slides show the pillars of our strategic plans in these two areas. The first one is organic growth, where we still believe that the drivers have not changed and include the following. The first one is our differentiated technology. Nova is the only company that has materials, chemical, and dimensional metrology solution as part of its metrology portfolio. We continue searching all the time to expand this offering. The second is the combination of physical and machine learning software capabilities to enhance hardware capabilities and provide an artificial intelligence-based way to reduce time to solution and increase yield. The third one is our service revenues. By leveraging our growing install base and offering value-added services to our customers to improve productivity, utilization, and metrology capabilities, we increase the utilization of our install base. The last one is the continuous demand for improving lab capabilities and transferring them to inline tools. Regarding the inorganic engine, we remain aggressive in our M&A plans, and we continue screening multiple relevant targets and industries. Our criteria for finding the right acquisition remain true. The first one is early access to lab technology that we can convert into inline and in-fab capabilities, as we have done with XPS, Elipson, and Metrion. The second is enhancing our materials metrology to continue our leadership in the right segment. The third is expanding our software machine learning capabilities to stretch and enhance our hardware performance. Finally, to keep looking at the semiconductor adjacent markets like advanced packaging and compound semi. As we work towards our next acquisition, we are already seeing the fruits of our recent one. Ancosys, our new chemical metrology division, has secured a record quarter in Q2 and is well on its way towards a record year. The synergies we identified are happening faster than initially expected. We are in the advanced stages of integrating Ancosys into Nova. As we quickly understand the challenges, we are already able to solve some of them, leveraging Nova's front-end sales channels to expand Ancosys reach into these customers as well. These slides conclude my part, and with that, I would like to invite Dror David to discuss Nova's financial performance and future direction. Dror? Thanks, Eitan Oppenhaim. Good day, everyone, and thank you all for joining our analyst and investor day. My name is Dror David, and I am the Chief Financial Officer of Nova. I joined Nova in 1998, just before its initial public offering on the Nasdaq in the year 2000, and I've served as the CFO of the company since 2005. Since my appointment in 2005, Nova has grown its annual revenues by 20 times, and its market cap has grown more than 50-fold. I hope and believe that the Nova $1 billion plan we are sharing with you today will reveal another step function in Nova's performance and shareholders' value in years to come. In my presentation today, I would like to demonstrate how the company realized the previous strategic plan of Nova 500 and what are the fundamentals and the expected financial performance moving into the Nova $1 billion plan. First, let's look at Nova's execution of the 500 strategic plan. Several years ago, we illustrated our financial targets in all relevant elements, including revenues, profitability, and earnings per share for the Nova 500 strategic plan. During the execution of this plan, the company demonstrated a balanced operational and financial execution. Coupled with continued investment for growth in all elements of infrastructure, technology, and customer relations. I'm happy to announce that the company was able to meet or exceed all of the communicated targets. Nova's performance in the last 12 trailing months marks the final implementation of the Nova 500 plan. The company presented a record revenue level of $510 million, gross margins of 58% within the target model, operating margins of 33%, well above the target model, operating income of $166 million, and earnings per share of $4.78, meeting the anticipated earnings per share power of more than $1 per quarter. In addition, through the execution of the plan, the company was able to increase its service revenues from only $60 million two years ago to an expected level of more than $100 million in 2022. All in all, we can clearly see the company's ability to execute its stated targets in all operational and financial aspects. Furthermore, looking at Nova's performance in the first half of 2022, as we exit the Nova 500 plan, we can clearly see that the company's profitable growth trend continues. Revenues in the first half of 2022 grew approximately 50% over the same period last year, and we believe this represents one of the fastest-growing results for a wafer fab equipment company in the first half of 2022. Moreover, across the same period, profitability grew at a faster pace, with operating income growing by approximately 70% and earnings per share growing by approximately 60% to more than $2.5 per diluted share in the last six months. In parallel to executing the product roadmap and customer penetration plans, the company also invested in the following areas over the past several years. We invested approximately $50 million in capital assets, including a new corporate office and lab facility in Israel and a new facility for our U.S. operations. We invested approximately $50 million in working capital, including building inventories through the COVID-19 pandemic to ensure customer delivery. We invested approximately $100 million in the acquisition of Ancosys, including its post-merger integration into Nova. In parallel to these important investments, which will serve us in the coming years, we raised $200 million in convertible debt due 2025, bearing 0% interest rate, and repurchased company shares in the amount of approximately $30 million. As of today, the company's gross cash reserves grew to approximately $500 million, enabling us to continue and build aggressive plans for future growth and investments. It is clear that the company is concluding the Nova 500 plan in a much stronger and more diversified position. Let's move on to discuss the fundamentals of our $1 billion strategic plan. In recent years, we repeatedly mentioned the diversification and wide reach of the company's revenue sources, spanning a broad spectrum of customers, regions, and applications. Given the current wide verticals of demand in semiconductors, as well as the tectonic changes in semiconductor manufacturing, including the trade wars, local chip acts, and geopolitical uncertainties, we believe this widespread exposure provide Nova with a significant advantage. As a result of this broad presence, we can capitalize on various demand cycles, different applications, and multiple manufacturing shifts across customers and territories. For example, in 2022, we saw and expect to continue and see a strong demand in logic and foundry, coupled with some softness in memory investments. Consequently, Nova's revenue distribution was approximately 70% from logic and foundry in the first half of 2022, relative to 50% a few years ago when memory investments were stronger. In parallel, we see an extensive demand for advanced technology nodes in high-end applications, such as autonomous cars and AI on the one hand, and simultaneously a strong demand for trailing edge technologies and devices on the other hand. Our wide position across the different customers serving these different markets allows us to capitalize on both trends. Most importantly, especially given the ongoing trade war and increasing government involvement in semiconductor manufacturing incentives, including the recently announced CHIPS Acts in the U.S. and Europe, Nova's revenue distribution is also balanced across all key territories. It is important to note that the company's revenue stream from the U.S. is on the rise. The company has manufacturing and research site for X-ray applications in California, and plans to open a new innovation center and several service and sales offices across the U.S., closer to customer manufacturing sites. The widespread presence and position in the U.S. is especially important given the significant plans by three major customers to open new leading-edge manufacturing sites in the U.S. starting 2023. In addition to the overall market segments and geography exposure, we see new greenfield front-end fabs and customers in China. We see additional U.S. and European customers, which were dormant for a few years in terms of capital investments, starting to invest in trailing edge applications. We increased our exposure to the back-end customer base, which is highly diversified through the acquisition of Ancosys, a market leader in providing chemical metrology to semiconductor back-end processes. As a result of these trends, the company's spending customer base has recently increased significantly from 20-30 spending customers in recent years to approximately 50 spending customers in 2022, including new back-end customers related to Ancosys acquisition. Most of these additional spending customers are obviously small, with a potential contribution of less than 5% of total annual revenues. However, they contribute to the company diversification, allowing the company to expand and offer additional existing and new solutions for a broader customer base. Another important revenue growth engine that is fundamental for the Nova $1 billion plan is the service business. Service revenue growth has accelerated in recent years in parallel to the company's installed base growth. In 2022, we expect service revenues to cross the $100 million revenue mark, presenting more than 25% growth over each of the last two years. In parallel, we expect the install base to cross 5,000 systems within the next 18 months. As a result of this high number of installed systems, combined with expected high semiconductor manufacturing utilization rates and our plans to introduce additional value-added services and packages, we expect the service business to continue and present double-digit growth in the coming years, and to represent approximately 20% of the company's total business. As you all know, the company has several new product lines which only recently started their market adoption phase. Such adoption involves a complex transition of technology from lab to fab and the long process of customer-by-customer evaluation and education. The potential volume impact of such transition materializes when customers move to nearline and inline usage of such technologies. For Metrion and Elipson, we expect this transition to happen gradually over the strategic horizon of the Nova $1 billion plan. Overall, as Eitan previously discussed, and Zohar will elaborate later on, Nova is riding several business tailwinds, which are part of the Nova $1 billion fundamentals. These tailwinds include the overall semiconductor market and total addressable market growth in the strategic horizon. Nova's unique and differentiated product portfolio, including software, enabling the company to win market share in its core markets. The high value of the new technologies, which further expands the company's addressable markets and customer value creation. The leveraging of the company's service install base and presence at more than 200 manufacturing sites globally. However, on another current of these positive business tailwinds, we face no challenges in the company's cost structure. These challenges involve macroeconomic trends beyond our control, which nevertheless significantly impact our cost of doing business. We see continued supply chain constraints and higher inflation rates on a global basis, impacting the cost of raw materials, cost of employment, and cost of travel. Combining all these elements together, we believe the company will be able to reach the $1 billion revenue mark during the next five years through organic and non-organic growth. If or once we execute this growth plan, we will be able to continue the company's growth trajectory in the past two decades, during which Nova generally doubled its revenues every five years. The combination of significantly wider technology and product base, together with expected cost pressures, dictates the following targets for financial model for the Nova $1 billion plan organically. On the gross margin front, we believe that the company's continued expected revenue growth, coupled with an expanded offering of high value and high gross margin products such as software and new technologies, will enable the company to target gross margins between 57% and 59%. Considering operating expenses, given our growth plans, we will obviously need to continue and invest in R&D and SG&A. Our model assumes that R&D can range between 15% and 18%, and SG&A can range between 13% and 15%. As such, at the $1 billion revenue level, we are targeting operating margins of 27%-31%. This operating model does not include the impact of new acquisitions which are yet to be examined and determined. On the tax front, under current tax rules in Israel, U.S., and Germany, we expect the effective tax rate to be approximately 14%. The share count for diluted earnings per share is expected to remain at approximately 32 million as we continue to execute the announced $100 million share repurchase plan, which will offset the impact of dilutive stock-based compensation plans. All in all, we believe that this plan represents a balanced approach of combining investment for growth in parallel to increasing shareholder value and can lead to an annual earnings power of more than $7 per diluted share on a non-GAAP basis. To execute this aggressive plan, we will continue our investments in global infrastructure, including offices, innovation centers, clean room, and manufacturing spaces. Given the need for effective communication and information management between the different sites, and given the rising cost of prevention and protection related to cybersecurity, we also expect to increase our investments in information technology on a global basis. Most of these projects are already undergoing, expected to conclude within the next two years, and are important building blocks to our ability to execute the Nova $1 billion plan. From gross capital allocation and investment for growth perspective, through the execution of the Nova $1 billion plan in over five years, we expect to invest approximately 20% of the revenue growth in working capital, which is approximately $100 million. We expect to invest approximately $100 million in capital assets, and we expect to continue and execute the previously announced $100 million share repurchase program. Considering all these elements together, including the expected free operating cash flow of the company, we expect to be able to use approximately $700 million for future inorganic opportunities through the execution of the Nova $1 billion strategic plan, and we expect to invest approximately $500 million in R&D expenditures. These ventures accumulate to a significant $1.5 billion of gross investments for growth over a five-year period, which is a significant step function relative to the comparable $0.5 billion investment in the past five years. Before I conclude my presentation, I would like to refer to Nova's inorganic approach in screening elements. As Eitan Oppenheim mentioned, our main goal for M&A is to accelerate growth. We are searching for a complementary combination of end markets and customers outreach, such as back-end and front-end in the case of acquisition of Ancosys. We are searching for complementary technologies, such as the combination of know-how between X-ray and optics, which can enhance the company's product portfolio and holistic approach for advanced customers. We look for businesses that can be accretive within the first year of acquisition closing and can improve earnings per share and enhance shareholders' value. Given the size of the company and its cash reserves and market position, we believe the company will now be able to screen and execute both incremental and transformational acquisitions in parallel. With this, I conclude my presentation, and I will now move the discussion to Zohar Gil, Nova's Chief Marketing Officer. Zohar? Thanks, Boaz. I'm Zohar Gil, and I've been with Nova for 11 years. In my role, I focus on the company's corporate marketing, corporate strategy, and portfolio strategy activities. Before joining Nova, I worked in global high-tech companies, and I have an academic background in engineering and business. In my talk today, I will discuss the framework that supports the Nova $1 billion plan, focusing on market trends and Nova product portfolio aspects. I will start with a review of the engines that will drive secular growth of the semiconductor market in the coming years. I will discuss the key factors for continued intensified investment in capital equipment. In the last part of my talk, I will review Nova's portfolio in the key product segments, explain the product strategy, and link it to the market growth drivers. My talk today will focus more on the trends influencing the next five years that correlate with the Nova $1 billion plan and less on the short-term trends influenced by geopolitical and economic uncertainties. Let's start with the semiconductor market review. Looking ahead, as our world is becoming more connected, digitized, and intelligent, the demand for semiconductors is driven by trillions of things. Compared to millions and billions of devices in previous decades. There are multiple vertical markets and applications requiring semiconductors that are expected to grow at double-digit figures in the next five years. As a result, the semiconductor market is expected to reach about $800 billion in 2026. In the next slide, I want to focus on several examples, starting with the automotive industry. The automotive industry represents a major growth engine for semiconductors in the next 5-10 years, driven by the transition to electrical and autonomous vehicles. This growth stems from the shift to advanced driver assistance systems that process critical data and require high performance chips, sensors, and other computer electronic devices. Semiconductors content value will increase 6 times in the transition from non-automated to highly and fully automated vehicles. As a result, automotive semiconductor revenue will reach approximately $100 billion in 2026, representing a CAGR of 17% from 2020. As the automotive industry transitions to a higher level of automation, high-performing chips will account for a more significant proportion of chip revenue than sensors, driving increased demand for leading-edge semiconductor technologies. The next segment is artificial intelligence. Artificial intelligence functionality is a requirement for many new products and represents a major growth engine for semiconductor revenue. Artificial intelligence semiconductor revenue relates to devices designed specifically to execute the algorithms associated with deep neural network used in AI. This primarily includes application, graphic, and microprocessors. The key trend influencing the growth in AI semiconductors in the coming years are five times increase in usage of AI-enabled GPU and processor deployed in data centers, and the growing adoption of AI functionality used in consumer electronic devices. For example, by 2026, 50% of basic smartphones will utilize application processors with integrated AI functionality, up from only 15% in 2020. As a result, AI semiconductor revenue will grow by over $50 billion in the next five years, representing a CAGR of 26% from 2020. The third growth engine is cloud semiconductors, which is the backbone of the data-based world. Cloud-related data is exploding with the increase in IoT connected devices in cloud-based application across multiple vertical markets. The total amount of data created, captured, and consumed is globally forecast to rapidly increase from 64 zettabytes in 2020 to over 180 zettabytes by 2025. In line with the strong growth of data volume, the storage capacity is forecast to increase, growing at double-digit CAGR in the next five years. As a result, cloud semiconductor revenue will grow at 11% CAGR in the next five years and reach over $140 billion by 2026. Summarizing the trends for the semiconductor market the next five years, the total semiconductor market is expected to grow at a CAGR of about 6% and reach $780 billion. Although the current uncertainty and potential headwinds in the worldwide economy can influence the market in the short term, we see multiple growth engines in the duration of the Nova $1 billion plan that will drive semiconductor revenue and investment in advanced technologies forward. Next, I want to discuss trends impacting the investment in capital equipment for semiconductor manufacturing and packaging in the coming years. First, let's look at the impact of increasing chip size of advanced processors on wafer capacity demand in leading-edge nodes. The transition to multi-core processor architecture required for enhanced performance has significantly increased the die sizes of these advanced chips. In the past five years, CPU die sizes have doubled, and GPU die sizes have increased by 50%. As a result, data center processes two to three times larger. This phenomenon also impacts personal computing processor chips, resulting in increased chip size due to multi-core GPU and neural engine designs, as illustrated in the diagram at the bottom. This means that wafer capacity will grow proportionally in order to produce the same amount of chips, increasing the demand for leading-edge capacity. Second is the number of process steps in advanced logic in 3D memory nodes. In logic, since the transition to 14-nanometer FinFET transistor, there has been a sharp increase in the number of process steps due to growing process complexity. This growth is expected to continue with the transition to gate-all-around in future transistor technologies, which Shay will expand on in his presentation. In memory, the number of process steps almost double in the transition to 3D architecture and continues to increase by about 10% as 3D NAND chips evolve from single deck to double and triple deck architectures. We know that future DRAM designs are heading towards 3D architecture, which will have a similar impact. As a result of the rising complexity in advanced logic and memory manufacturing processes, the capital investment per wafer has increased dramatically, as observed in the diagram on the right, driving an increase in wafer fab equipment investments. The diagram on the left shows the incremental annual growth over a period of 11 years, taking 2010 as the base year. We can see that wafer fab equipment CAGR was 10.2%, while critical dimension and films metrology CAGR was 13.6%. The increased capital intensity for metrology emphasizes its growing importance and value for advanced semiconductor manufacturing. We expect this trend to continue in the future. Moreover, Nova's product CAGR over the same period was 15.1%, outperforming the metrology market and increasing our market share. The next point is related to capital investment in trailing edge nodes. Historically, investment in semiconductor manufacturing capacity were driven primarily by demand for leading-edge logic and advanced memory chips. However, in the last few years, the capital investment for trailing node foundry capacity has increased two to three times compared to the previous four-year average. In 2021, TSMC invested 20% of its total CapEx in specialty technologies compared to only 10% in previous years. This trend is driven by the growing demand for IoT and sensors that do not require leading-edge technology and is expected to continue in the coming years. It is also supported by the transition to chiplets technology in advanced packaging. Moving to the advanced packaging space, we are seeing the evolution to high-end performance packaging technologies, including fan-out and 3D packaging with higher density, smaller pitch, and enhanced performance. Advanced packaging revenue is expected to reach $57 billion in 2027, with a CAGR of 10% for the entire packaging market and 19% for high-end performance packaging. Capital investment for high-end performance packaging represents 70% of the total CapEx and is shifting from OSATs to integrated device manufacturers and foundries as the production and process control requirements are becoming similar to front-end fabs. These trends are increasing the TAM for process control and metrology solutions that Nova delivers to the packaging market. On top of the trends in leading-edge, trailing edge, and packaging markets, the growing importance of de-globalization and semiconductor nationalization is expected to drive higher CapEx in the coming years. Summing the global incentives such as CHIPS Act, 2030 Digital Compass, Made in China 2025, and more, government incentives to support their local semiconductor industry amount to an annual value of $84 billion for the next five years. With the announcements of government incentive and subsidies around the globe, semiconductor manufacturers have increased their investments, announcing approximately $109 billion of annualized CapEx over the next 10 years. In the last part of my talk, I will present Nova's portfolio and product strategy that supports the Nova $1 billion plan. Later, Shay will discuss the technologies and use cases in further detail. Since our meeting last year, we have expanded our portfolio both organically and inorganically with the acquisition of ancosys. Our offering to customers now includes dimensional, materials, and chemical metrology solutions that are enhanced by cutting-edge algorithms and big data fleet management solutions. In the dimensional metrology space, we continue to be the market leader for integrated metrology and offer the unique Prism standalone metrology solution utilizing spectral interferometry technology. In the material metrology space, we introduced the Nova Metrion, the industry-first fully automated SIMS process control solution targeted for in-line compositional profiling. Our portfolio now includes the market-leading and well-established in-line XPS solution, as well as two new disruptive and innovative material metrology platforms utilizing SIMS and Raman technologies. In the recently added chemical metrology solution, we offer the most comprehensive and modular chemical metrology process control and replenishment solutions targeted for packaging and interconnect metallization processes. Our software algorithmic suite combines physical and machine learning schemes that improve the metrology performance across all our product lines and shorten the time to solution. Lastly, our fleet management solution utilize big data technology and improve the operational efficiency and maintainability of our large fleets in complex high-volume production environments. Moving to our product strategy. In dimensional metrology, we plan to sustain our market leadership in integrated metrology space, expand the adoption of our unique Prism standalone platform, and penetrate segments such as advanced packaging. In XPS materials metrology, we continuously increase the application space with our most advanced generations of VeraFlex, extend the adoptions in high-volume production fabs, and penetrate new segments such as mixed signal and advanced packaging. In the new material segments of SIMS and Raman, we plan to broaden our customer base, develop new applications, and drive the adoptions from R&D to in-line and high-volume manufacturing. Lastly, in the chemical metrology space, we plan to maintain our leadership in the packaging space, expand the adoption in damascene interconnects, and penetrate new segments that require high-performance chemical metrology solutions. Across all our product lines, we plan to continue high levels of R&D investment and focus on differentiated capabilities to support continued growth and market share gains, as we did in recent years. To summarize my talk on the market drivers and growth engines for Nova $1 billion plan. We see a healthy market on the horizon of our strategic plan and expect secular semiconductor growth in the next five years, driven by multiple demand catalysts as our world evolves to be more digital, intelligent, and connected. We expect demand for leading-edge capacity to grow, driving an increase in metrology intensity and investment. The investment in trailing edge in advanced packaging will continuously increase, driven by growing demand for IoT and sensors, and the need for high-performance packaging solutions. Semiconductor de-globalization will further increase capital investment with government incentives to support local semiconductor industries. Our unique portfolio, continuous investment in differentiated capabilities, and development of new technologies will drive our growth in our established markets, empower diversification to new industry segments, and enable us to outperform the market. This concludes my part, and with that, I would like to invite Shay Wolfling, Nova's Chief Technology Officer, to discuss Nova's unique technology for exponential growth. Shay? Thanks, Zohar. Good day. I'm Shay Wolfling, responsible for Nova's technology development for the past 11 years. Before joining Nova, I was at KLA, which I joined via two acquisitions. I had my own startup company with innovative 3D technology, which was acquired by ICOS, a Nasdaq-traded company in Belgium. Then, two years after I moved to Belgium, ICOS was acquired by KLA. I have a Ph.D. in physics from the Hebrew University. Following Zohar's review of the drivers of exponential growth, I will start with an overview of some of the technological trends and upcoming inflections, and the key challenges they create. I will then focus on some of Nova's technologies and solutions to enable this growth. First, let me expand on the technological trends we observe in semiconductors. One of the key technological trends we see is the significant growth in data generation. This has multiple implications. As you can see in the graph, the computational need for artificial intelligence are growing like never before. In addition, the increased level of automation is driving high-performance IoT devices in a smaller volume and power. The breaking of data silos, integrated data across platform and users with built-in analytics is another driver for growth in data generation. Before we will talk about some of the leading edge architecture, it is important to note that today, there are multiple paths and technologies going forward. There is an increasing diversity of development tracks and variants. In this chart, you can see an example of the leading edge from the world's largest foundry. It is true not just for the leading edge, as we see here with multiple FinFET variants, nanosheet, material optimization, but also for the trailing edge nodes, as Zohar also mentioned. The move to chiplets and advanced packaging also enables having each part of the complex chip in a technology optimized for it. Finally, a significant path forward is coming from overall system integration, the so-called DTCO. Scaling has been playing a key role in constantly reducing the cost per transistor from node to node by both traditional scaling and new architecture. This is the well-known Moore's Law. However, we need more than that to keep reducing cost and increasing density. More than Moore means new types of integration, new materials innovation, and a full 3D, both on the device level and as part of full 3D packaging. In many of the process steps, there are new solution and technology inflection to drive forward the PPAC, power, performance, area or density, and cost of the device. In patterning, the most significant driver is the implementation of EUV. Now also is the next generation of increased aperture. There is also growth in method where you add material in the desired pattern rather than etch it away. In logic, there is a clear architecture evolution from nanosheet to forksheet, CFET, and even initial developments of 2D materials. In the back-end of line or interconnect, there are also new architecture of moving the top metal layers to the bottom. This is the so-called buried power rail, and using new materials such as cobalt and ruthenium. On the memory front, 3D NAND continues to rise high with multiple decks and over 400 tiers, as well as with the logic part built under or over the memory. To further increase the memory density, in addition to more tiers, manufacturers are pushing the number of bits per cell, going from 3 or 4 bits to over 6 bits per cell. In DRAM, even with EUV adoption, the 2D scaling is no longer sufficient, and we already see on the horizon a 3D DRAM, with DRAM going vertical, taking a similar path to one taken by NAND years ago. Finally, advanced packaging plays a significant role in continuing to drive the PPAC forward by various type of new integration and by system level and not just chip level optimization. In the next part of my review, I will dive deeper into five highlighted inflection in memory, logic, interconnect, and packaging. Before diving deeper, I want to emphasize that each of the reviewed architecture and device solution has significant process challenges with dimensional and material implication. You may recall an earlier version of this slide, but I want to highlight a new aspect of material optimization, which is enabled by chemical metrology. With the acquisition of Ancosys earlier this year, we added chemical metrology to our portfolio, as well as a significant presence in the growing market of advanced packaging. What is chemical metrology? In a typical plating process, the wafer is submerged in a rather complex solution of material, and it gets plated by a metal excited by an electrical current. In case there's any problem with the materials or the plating process, there will be issues with the resulting metal layers, voids, non-uniformity, et cetera. When this is detected on the wafer, it is already too late. To ensure a stable process, it is essential to constantly monitor and control the components in the chemical plating solution already in the bath before it gets plated on the wafer. We monitor for multiple main components which have a role in the process, and secondary components which may be generated as a result of the plating. Such monitoring is constantly done in front-end of line fabs in the copper damascene process and on multiple processes with multiple materials in advanced packaging. I will show some of the technologies and use cases involved later in the presentation, but it was essential to have this introduction before continuing to dive to the key process challenges. I will now focus on the dimensional and material challenges in five key inflections. Starting from memory. The 3D NAND flash memory continues to rise high, where we are now seeing devices with over 400 tiers of oxide and word line, reaching a total thickness of over 20 microns. In addition to the thickness of each tier, manufacturers must control the full dimensional profile of such high aspect ratio structure, such as the holes and the slit, and monitor key parameters at the bottom of the stack. To enable such a high stack with an extreme aspect ratio, the process must be split into several tiers, creating decks of layer. Each deck has its own tilt and overlay shifts between the decks that need to be controlled. Furthermore, to shrink the devices even further, the logic part is manufactured either under or over the memory array. From a material perspective, multiple dielectric films in the channel must be tightly controlled. Before filling the channel, the thickness and conformality of the deposition on the sidewall is critical. Once filled, the quality of the polysilicon in the channel is critical for device performance, so the crystallinity and grain size should also be controlled. To mitigate some of the metal process issues, such as voids and residues, new types of metals are now being evaluated. As DRAM continues to scale and shrink with higher implementation of EUV, we already see that this is insufficient to keep up with the required density and cost. Thus, like the 3D NAND Flash 3D revolution, manufacturer will slowly move from 2D DRAM to 3D DRAM. Simply put, you can think about it as taking the current architecture and rotating it. Now we can pack many more bits into a smaller area. Such 3D DRAM creates various new process challenges. The structure possesses a higher aspect ratio, challenging bottom parameters and lateral etches, making thinner capacitor. Also on the material front, the chemical control is critical and residues can kill the device. In the world of logic, there is an architectural evolution with a clear path in the coming years, with growing dimensional and material complexity. We already see adoption of nanosheets or gate-all-around in many customers as part of the next generation technology node, which is a much more complex 3D architecture compared to FinFET. The complexity increases as the architecture evolves to forksheet, adding a dielectric wall between the N and P transistors, and to CFET, with another 3D complexity of having the NFET nanosheet transistor manufactured on top of the PFET nanosheets. At the technological horizon, we already see work on atomic channels of 2D materials, which will create a huge set of new challenges. The manufacturing process of this logic architecture is accompanied by key dimensional and material challenges. Multiple nanosheets from 3- 6 or 7 in CFET, one on top of the other, which must be fully and individually characterized. Each nanosheet has thin layer of dielectrics surrounding it, which need to be tightly controlled. From a material perspective, there are multiple material properties that are critically impacting the end device performance. The quality of the silicon and the silicon germanium forming nanosheet is critical. The stress and strain of both the nanosheet and the source/drain are critical to ensure device performance. Silicon germanium residues and doping control are two additional properties customers want to control in-line. As the technology nodes continue to evolve, new architectures are also being adapted in the back-end-of-line or interconnect of wafer manufacturing. In addition to adopting nanosheet in the transistor level, the top metal layers, as you see in the left drawing, are moving to the bottom of the device for power delivery and top signal routing. This is called backside power delivery. Connection to the device layers are done by wafer-to-wafer bonding and nano TSV, narrow nanometer size copper vias, the yellow lines on this zoom image. These architectural changes support further scaling, increase routing efficiency, and have performance and power benefits. Again, such changes are accompanied by increasing process challenges. Manufacturing the high aspect ratio copper TSV is dimensionally challenging to etch and to plate without any voids. To bond two wafers together, the topography and surface roughness must be tightly controlled. There are also significant challenges to control the chemistry to a tight window to enable copper, ruthenium, and cobalt plating. As Zohar also mentioned in his talk, we see significant growth in process challenges when the process is post-wafer in the advanced packaging stages. The optimization and evolution of advanced packaging in multiple possible direction, such as fan-out level packaging or 3D integrated circuits, is a critical part of the More than Moore path. This enables true 3D architecture of the entire device, as well as the concept of chiplets, where each functionality can be manufactured in a different technology node, and they are then packaged together. In addition to the dimensional challenges arising from this 3D complexity, we see tighter requirements on the chemistry to enable a stable and robust process. Optimal plating of the copper throughout the life cycle of the bath, even when the bath gets highly saturated, includes monitoring by various process by-products. Contaminants and photoresist in the bath can be killers to the process and must be controlled. In general, quality control of wet chemical to prevent contaminants and particles is a significant challenge. In addition to the many process challenges I mentioned, as one last take, I want to focus on some key metrology challenges in a variety of different axes. Because time to yield is critical, the time to develop a certified metrology solution keeps decreasing. More process steps, higher sampling, and design rule shrink are driving efficiency and metrology performance. There is a growing need to measure in-die and on-device as test structure are no longer representative of the actual process. Abundance of new material and multiple physical property that must be controlled in-line, such as composition, chemical purity, stress, and more. Especially in high aspect ratio structure, the in-line control of the chemical components in the bath is essential to ensure void-free and uniform plating. From a dimensional perspective, the challenges increase significantly with complex 3D devices. Additional challenges include controlling local variation at the device level and the need to control multiple device parameters and properties. To conclude, process control solution must be much faster, applied in more layers, more accurate, be applicable for complex 3D structure and new materials, be utilized in many points on the wafer, and expand more physical parameters. With this, I will move to the last part of my presentation, reviewing Nova's solution to these key challenges. I will start by addressing some of Nova unique technological solution in dimensional material and chemical, as well as in algorithm and software. I will conclude by reviewing our portfolio of solution to some key industry components, such as nanosheet, 3D NAND, and advanced packaging. Starting with our unique dimensional metrology solution, measuring critical dimension and complete 3D profiles. In integrated metrology, where Nova is a clear market leader, we have both high- and normal-incidence solutions with best-in-class throughput, as well as the ability to combine oblique measurement channel, driving integrated metrology to the performance of standalone metrology in the next-generation R&D nodes. In the optical standalone, we continue to develop the Nova PRISM, which is additional spectral interferometry, enabling complete wavefront measurement and adding a new dimension to the world of OCD. In the material metrology, we have three Nova unique product families. The VeraFlex, with its combined XPS and XRF capabilities, continues to be the only HVM solution that enables in-die process control for composition and thickness of ultra-thin films. We see a growing adoption of this technology in high-volume manufacturing. An optical addition to our material metrology portfolio is the Nova Elipson. The Elipson, based on in-line Raman spectroscopy, is increasingly utilized to measure material properties, such as stress and crystallinity in both logic and memory. The Metrion is the newest addition to Nova materials metrology portfolio, bringing the technology of secondary ion mass spectrometry for the first time into the fab. This technology is used to measure complex logic and memory stacks and obtain precise depth profile of material properties. Chemical metrology is the new addition to the Nova technology portfolio following the ancosys acquisition earlier this year. The ancolyzer product family is a suite of flexible tool with a large variety of technologies, which are too many to review. I will just mention two unique technologies. On the left is HPLC, a very advanced technique where multiple components can be separated and measured to very high accuracy. Optical spectrophotometry enables direct measurement of the chemical concentration of components without using any chemical by-product. Our software and algorithm solution are integral to any technology development and enhance the entire metrology portfolio. In the physical modeling, our NovaMARS is not only driving OCD performance, but is also expanding to other technologies, where physical modeling of energy matter interaction can improve the solution. The adoption of NovaFit data-driven machine learning solution continues to grow dramatically. However, it is now clear that physical modeling and machine learning are not separate entities, and best results are obtained by applying smart combination. As there are multiple Nova tools in each fab, they are typically connected to enhance their performance together. We now utilize this cloud-based fleet management connectivity with big data analytics to provide even better process insight to our customer. After reviewing Nova's rich portfolio of disruptive dimensional material and chemical metrology solution, I will now give you concrete example of our holistic multiple technology solution to some key industry elements. Nova has proven solution in multiple steps, which are key for manufacturing nanosheets, including XPS, Raman, SIMS, and OCD SI. I will not go to all the details, but will note a few examples. We are measuring multiple nanosheet thickness with XPS, as well as the thickness of lanthanum oxide and high-k materials. With our Raman-based Elipson, we are measuring the stress of both the silicon germanium after the nanosheet etch, as well as the stress in the nanosheet when replacing the metal gate. In the gate formation, we measure the deposition uniformity. With our PRISM SI OCD, we help control multiple CDs along high aspect ratio gate and fin, as well as measure the indentation and thickness of each individual nanosheet. I will zoom in on one use case for Metrion in-line SIMS for SiGe deposition. This use case by inline SIMS describes controlling the uniformity of the critical silicon germanium deposition in the nanosheet formation. The concentration of the germanium, and in particular its uniform deposition on each nanosheet, dramatically affects the selectivity of the following etch process and directly impacts the electrical performance of the transistor. Metrion inline SIMS is used to monitor within layer and within wafer uniformity. On the bottom graph, you can see the germanium concentration variation across each one of the three individual nanosheets in one specific location. On the top graph, you can see the uniformity of the germanium concentration across the entire wafer based on nine measurement points. Moving on to 3D NAND. We also have solution from our multiple technologies to multiple process steps. I will note examples on two of the steps. After the high aspect ratio holes are etched, some critical deposition steps must occur. Within these steps, we measure the thickness of the liner with XPS, detect contamination of fluorine and chlorine with SIMS, and measure the full channel hole profile with our PRISM SI OCD, and in some cases, also with NovaFit machine learning solution. Nova also has a unique solution for the etch of the channel holes, particularly for the challenging step of processing the top decks in a multi-deck structure. With XPS, we measure the thickness and composition of the oxide nitride tiers, and with Raman we measure the crystallinity and grain size of the polysilicon channel. Zooming in on the solution for 3D NAND and showing them more graphically, you can see example from utilizing our entire technology portfolio. VeraFlex XPS is the only surface-sensitive method that can directly control complex ultrathin stack inline. Metrion SIMS detects contamination in the tungsten wordline deposition. Elipson Raman characterize the polysilicon on the sidewalls. Integrated metrology is critical for top oxide post CMP monitoring. Our optical standalone Prism is monitoring the channel hole profile and bottom parameters. The last segment, following logic and memory, where I want to present our portfolio of solution, is on multiple architecture of advanced packaging. With our OCD dimensional technology, we are helping control the redistribution lines, or the so-called RDL, as well as the CD and depths of through-silicon vias. We also control multilayer thickness and topography post CMP. With our X-ray based material metrology, we are monitoring aluminum bond pads, high-k materials, cobalt caps and liners. With our ancolyzer-based chemical metrology, we monitor the material bath for multiple elements to ensure a stable and robust plating process of multiple materials. In addition to monitoring, in some application, the ancolyzer control the actual bath replenishment. Zooming in on one use case of the ancolyzer, where chemical metrology is critical for plating high aspect ratio structure. Pillars, holes, trenches and vias metallization are the core technology in many of the advanced packaging architecture, and copper is the most widely used metal. As vias become smaller and higher in aspect ratio, tighter control of the plating bath solution is critical to ensure high quality, void-free and uniform plating. The ancolyzer is a very flexible multiple technology tool used for monitoring in-line multiple components of the bath, both organics and inorganics, as well as chemical contaminants. As you can see on the chart, from an actual in-line monitor, excellent control of the multiple chemistries affecting the bath is achieved throughout the bath lifetime. The concentration and functionality of the organic additives are critical for determining and controlling the plating bath performance. The ancolyzer has multiple capabilities, detecting and minimizing organic breakdowns, measuring resist and bath-to-bath contamination as multiple materials are plated in sequence, and having specific holistic real-time indicator for bath and additive health. The ancolyzer flexibility supports controlling all existing plating tools and chemistries, and provides intelligent replenishment based on lifetime condition. All that I reviewed so far are proven solution. Before I summarize, one note on some of our future technological direction, which continue to evolve at a high pace to match the growing challenges. We will continue adding innovative metrology technologies along various wavelengths and energy ranges on the dimensional front. On the material front, we see the potential of additional technologies that can transition from lab into the fab. For chemical metrology, as part of the ancosys technical integration into Nova, we plan to enhance the capability with Nova's existing hardware technologies and with modeling and machine learning capabilities. On the software and algorithm, we continue to enhance the synergy between physical modeling and advanced machine learning, and we are applying such solution to multiple technologies beyond OCD. To summarize my part of the day, I talked about some key technological trend, including the exponential growth of data. We saw that there are multiple technological ways forward and that more and more directions are essential to continue the industry trends. I reviewed multiple technological inflections in the industry and their associated process challenges. In logic, we see a clear path forward from nanosheet to forksheet and CFET. In memory, 3D NAND is growing taller with multiple decks, and DRAM will go through a 3D transition similar to NAND. In the advanced packaging steps, tighter process windows are required, driving more metrology and process control. In all these, metrology is becoming ever more critical in solving process challenges and enabling continuous improvement in device performance. For the 2D materials and chemical metrology implications, I reviewed Nova's unique technology solutions of multiple types of hardware enhanced by innovative algorithms and software. Nova's diverse and innovative technology portfolio for all device segments is one of the fundamental enablers of our strategic path toward $1 billion, as it supports the industry exponential growth going forward. Thank you very much. Eitan, back to you. Thank you, Shay. By that, we conclude our presentation for the Analyst Day. I hope that in the last 1 hour and a half, we could shine some light and share with you our experience and performance in the last few years, as well as the financial framework and the strategic direction that we are taking for the next few years. We are very excited from presenting this $1 billion plan. We also believe in the long-term growth drivers of the industry, and we really believe in that plan for the next few years for Nova. With that, I would like to move to the Q&A session led by Miri. Miri? Yes. Thank you everyone for sharing your questions. I'll start with the first one. How much CapEx will be needed to reach the $1 billion revenue target? As mentioned in the presentation, across the plan for five years, we expect to invest approximately $100 million in capital assets. Actually, most of that, given the projects that we have right now to invest in facilities in Israel, in Germany, and also in the U.S., are going to happen in the next two years. The capital investments will be elevated in the next two years at around $20 million-$25 million, and the normalized level is around $10 million a year afterwards. Our next question is: What is the impact of the U.S.-China export embargo? Yeah. I talked about it in the last few earnings conference calls, also in my presentation at the beginning of the session. We are all aware about the tension between U.S. and China and the trade restrictions. Currently for Nova itself, the main customer that has been suffering from this embargo is SMIC in Shanghai. By that, we're just part of this embargo for the U.S.-based equipment that we're shipping, mainly the XPS. Therefore, the overall impact of this blacklist or this customer restriction list is related to Nova only $2 million on a yearly basis, and therefore it's not meaningful. The next one is: The industry is targeting nanowires as a main logic device. Is Nova's fleet prepared to meet the challenges of this transition? I will take that. The answer is definitely yes. Across our entire fleet, in addition to the Metrion use case, which I showed in the presentation, we have the Prism OCD, which is measuring individual nanosheets, indentation. We have the XPS, which is measuring the nanosheets thickness and the high K in the nanosheet manufacturing. We have the Raman, the Elipson tool, which is measuring stress and strain, both of the nanosheet and of the silicon germanium. Generally, across the board, we have our fleet measuring nanosheets in production today. Moving to the next one. What do you expect the inventory level to be in the next several years? As mentioned in the presentation, Inventory is part of working capital, obviously, and we expect to invest approximately 20% of the revenue growth of the company in working capital. Inventory is part of that. Our model for inventory levels is inventory turns of 2.5 times a year. In that aspect, we are meeting this target already today. We do expect inventory levels to be elevated in the next, I would say, 12 months. This is related also to the fact that we have new products going into the market, Metrion and Elipson, and also the supply chain constraints across actually all divisions which require elevated inventories in order to ensure delivery to customers. Great. A follow-up question regarding the $1 billion. How much of the $1 billion revenue will be achieved by M&A? I think that when we plan right now the $1 billion as a plan, we are roughly saying that 80% out of it will be organic and 20% out of it will be M&A. We plan around $200 million to be as part of the M&A. We have a last question. What is the normalized capital investment in the next several years? In terms of the normalized level of the company, the level of investment that we expect without major projects of new facilities or new clean rooms, this level is around $10 million a year. Again, we have several projects which are running right now to really expand the capacity capability of the company, and this will happen in the next two years. Right. At this point, I think that we answered all the questions. Eitan, back to you. Yeah. Guys, I would like to conclude the event. I would like to thank Shay, Zohar, Dror, and Miri for hosting the event together with me. I hope that in the last almost two hours, we could give you some highlights about what we are doing and what is our targets in the future. I hope also that we could answer some technical question that usually has been asked about our portfolio. I hope to see you all again face-to-face in the next conferences to come until the end of the year. We can now talk freely and more in details about the $1 billion plan. We truly believe that this plan reflect the company's fundamentals and the things that we did in the last few years, and the proof that we can double the company every four to five years can repeat itself in the next few years. We are true believers in the growth engines of the industry, and we truly believe that we can achieve this plan as presented to you. With that, I would like to thank everybody. Thank you, guys, for joining, and see you in the next event. Thank you.