Good day, welcome to the Onto Innovation second quarter earnings release. Today's conference is being recorded. At this time, I would like to turn the conference over to Sidney Ho, Vice President of Investor Relations. Please go ahead. Thank you, Rachel, good afternoon, everyone. Onto Innovation issued its 2026 second quarter financial results this afternoon shortly after the market closed. If you did not receive a copy of the release, please refer to the company's website where a copy of the release is posted. Joining us on the call today are Michael Plisinski, Chief Executive Officer, and Brian Roberts, Chief Financial Officer. I'd like to remind you that the statements made by management on this call will contain forward-looking statements within the meaning of the Federal Securities laws. Those statements are subject to a range of changes, risks, and uncertainties that can cause actual results to vary materially. For more information regarding the risk factors that may impact Onto Innovation's results, I would encourage you to review our earnings release and our SEC filings. Onto Innovation does not undertake the obligation to update these forward-looking statements in light of new information or future events. Today's discussion of our financial results will be presented on a non-GAAP financial basis unless otherwise specified. As a reminder, a detailed reconciliation between GAAP and non-GAAP results can be found in today's earnings release. Before we begin, I have a calendar announcement. On December 17th, we plan to host an analyst meeting at the New York Stock Exchange to discuss our market strategies and updated financial model. We hope you'll save the date. Let me now turn the call over to our CEO, Michael Plisinski. Mike? Thank you, Sidney. Good afternoon, everyone, thank you for joining us on our call today. The Onto Innovation team delivered an outstanding quarter with revenue, gross margin, operating margin, and earnings per share all exceeding the high end of our guidance range. We set new quarterly revenue records with advanced nodes growing 50% quarter-over-quarter, and our inspection business, dominated by Dragonfly systems, growing by 30% on strong execution across both 2.5D logic and HBM applications. Our outlook is equally exciting as increasing levels of visibility from our customers is driving a record backlog surpassing $1.1 billion. With this favorable backdrop, we're raising our second half revenue growth outlook to 25% or more over the first half, up from our previous expectation of 15%, with Q4 revenue expected to be higher than the Q3 revenue. Looking deeper into our advanced packaging and specialty device markets, the quarter highlighted several important trends from which we benefit. First, the recognition of advanced packaging as a technology enabler continues to grow and is contributing to significant advances in AI and enterprise server performance. This, in turn, affords our customers greater visibility into the market than what has traditionally been seen from consumer-driven end market demand. With the successful launch of the Dragonfly G5, we are experiencing unprecedented demand across an expanding set of customers, leading to an increase in our full-year outlook for advanced packaging growth to approximately 80%, up significantly from the 50% growth we projected last quarter. The increase in demand is strongest from HBM manufacturers and OSATs supporting heterogeneous packaging primarily for AI applications. For example, in the quarter, we were pleased to have won orders totaling over $200 million for Dragonfly technology from a single OSAT partner. The majority of these orders will be delivered in 2027, underscoring both the magnitude of the demand and customer confidence extending into the new year. A second example is the adoption of silicon photonics in new device designs. These new designs are expected to improve device performance while reducing environmental concerns such as heat generation and power consumption, which impacts both data center operations and the communities hosting them. Although a nascent market, we have received over $50 million in orders to support this inflection, with roughly two-thirds to be delivered in 2027. We estimate our served addressable market in silicon photonics will grow to over $500 million by 2030. The opportunity spans several critical manufacturing applications across light guides, light generation, and detection. The trends above intersect to fuel growth in panel-level packaging. As the adoption of heterogeneous packaging increases and includes more die such as silicon photonics, package sizes are getting larger. In this dynamic, panel-level packaging delivers advantageous processing scale, especially for larger package sizes. Our combination of JetStep lithography, Firefly process control, and Discover Software provide compelling value to our customers. With markets strengthening, we expect our panel-level packaging revenue to more than double year-over-year, with further growth in 2027. Of course, innovation in the advanced nodes, particularly new and smaller transistor geometries, is also increasing demand for new process control solutions from the Onto Innovation team. As I mentioned, revenue from advanced nodes customers grew 50% sequentially, surpassing the record previously set in 2022. We are seeing broad-based strengthening across memory and logic segments, including expanded adoption of our Atlas G6 platform, which is being used for transistor metrology at several nodes below 2 nm where smaller spot sizes and increased precision is difficult to achieve, but vital to ensure high yield. In addition to the logic customers we discussed last quarter, we expect to ship multiple systems to a major DRAM customer in the second half of the year to support their next-generation memory devices. Rounding out our optical portfolio, both Iris films and integrated metrology product lines are also on track to achieve record revenue levels in 2026. Complementing our optical metrology, we see new applications for our FAST technology to help predict device performance earlier in the fabrication process, thereby saving production costs. Taken together, we're confident that advanced nodes revenue will grow more than 35% in 2026, continuing to outpace the latest WFE growth expectations. Lastly, we're looking forward to expanding on our successful collaboration with Rigaku to deliver powerful new process control solutions for our customers. Customer response to our partnership has been very positive. We're confident that together we will provide compelling value to our customers. Estimates of the size of the market today for X-ray technology used in semiconductor applications is approximately $1 billion. We expect the growing adoption of more complex 3D transistor and packaging technology over the next several years will result in accelerated adoption of this X-ray technology and above-average market growth in the years ahead. With that, let me now turn the call to Brian to review our financial highlights and provide third-quarter guidance. Brian? Thanks, Mike. Good afternoon, everyone. As Mike noted, the Onto Innovation team delivered an impressive second quarter, exceeding our previous guidance across key financial metrics. These results reflect our strong positioning with customers across both front-end and advanced packaging in support of the surge of AI demand and other applications. Revenue of $343 million increased 18% sequentially and 35% year-over-year. Our advanced nodes business increased by 50% from Q1 to approximately $120 million. Memory, which comprises about 60% of the total, grew at a sequential rate of approximately 60%. Logic also was strong in the quarter with more than 40% sequential growth. Advanced packaging and specialty device comprised nearly half of the revenue in Q2. As Mike noted, inspection highlighted by the Dragonfly product family was strong with 30% quarter-over-quarter growth driven by 2.5D and HBM. Other packaging and specialty device, including power and SiC, declined sequentially as expected, but will rebound back to Q1 levels next quarter. Software and services comprise the remaining second quarter revenue. We have consistently discussed our push towards improved profitability this year through our move to extended factories, our focus on driving operational productivity, and our improved forecasting capabilities. The results of these efforts to date are evidenced in the second quarter, as we achieved a gross margin of 57%, representing an increase of 250 basis points from Q4 2025 and 130 basis points from the first quarter. This is a level of performance that has already surpassed our initial expectation for 200 basis points of gross margin expansion in 2026. Importantly, we're also gaining additional leverage across our operational teams as we delivered a 30% operating margin in Q2, an increase of nearly 500 basis points from the beginning of the year. As of June 30, we have nearly $1.9 billion of cash and short-term investments on hand. In the second quarter, we generated $62 million of cash from operations, or slightly over 100% of our second quarter net income. While we are in a cycle of increasing inventory to ensure continuity of supply chain and to support the revenue acceleration in the business, we remain committed to strong cash generation and active working capital management. In May, we completed a $1.5 billion 0% interest convertible debt offering maturing in 2031, which generated about $1.2 billion in net cash to the company. The remaining $300 million was used to repurchase shares, totaling approximately $200 million of our common stock, and to purchase capped call, which increases the strike price for dilution purposes to $509.06 per share, and for professional fees related to the transaction. For Q2, we reported earnings of $1.93 per share, reflecting a $0.20 increase over the high end of our previous guidance range. Let me provide some forward-looking thoughts for the second half of the year. With a surging demand environment coupled with strong operational execution, we are raising our revenue, margin, and earnings per share expectations for the second half of 2026. Building off our strong first half results, we are expecting revenue to grow more than 25% in the second half of the year. Specifically, we expect Q3 revenue in the range of $380 million-$400 million, with an additional uptick in Q4. While cognizant of continued headwinds, for example, around certain material input costs, fuel surcharges, and freight expense, we anticipate additional gross margin expansion in the second half of 2026 of an incremental 50 basis points per quarter in Q3 and in Q4. We expect operating margins to increase by 200 basis points to 32% in the third quarter and to exit the year at an operating margin of 33% or higher. Earnings per share at the midpoint of the Q3 guide would approximate $2.28 per share. This assumes a non-GAAP tax rate of 15% and slightly more than 50 million shares outstanding. With that, let me turn it back to Mike for some closing thoughts before we take your questions. Mike? Thank you, Brian. Our record quarter and improved outlook for the second half of 2026 reflect deepening customer engagements across several of the most important technology trends shaping this new era for semiconductors. With industry analysts forecasting hyperscaler capital expenditures in 2027 north of $1 trillion, it's clear that demand throughout the semiconductor value chain remains high and gated by new fabrication facilities coming online. We believe our customers are confident in their visibility, and in turn, continue to provide us exceptional insights into their multi-year capacity plans. In response, our team is focused on enhancing the level and pace of innovation, as well as our delivery of that innovation through global operations and support excellence. As a result, our metrology suite is expanding across both logic and memory customers, setting new records in OCD films and integrated metrology. Demand for our Dragonfly inspection, led by the significant performance improvement of our new Dragonfly G5, is increasing rapidly across a broadening set of heterogeneous packaging applications. New market opportunities in silicon photonics, surface charge metrology, and in X-ray solutions for 3D and exotic materials in partnership with Rigaku will only expand our opportunities as we look into 2027 and 2028. As we grow, we continue our relentless focus on identifying and realizing efficiency gains across our global team. We are starting to see the results, and as Brian noted, we are on track to deliver 350 basis points of gross margin expansion and more than 750 basis points of incremental operating margin in 2026, with continued advances expected in 2027. A large driver of these improvements is the significant enhancements to our operational foundation with the successful ramp of our extended factories in Asia. These partnerships provide us with increased operational flexibility at a significantly reduced level of capital expenditure, allowing us to lower costs and focus investments on the technology and application expertise our customers depend on, adding fuel to our engine of growth. Now, Rachel, let's open the call for questions from our covering analysts. Thank you. If you are dialed in via the telephone and would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Please limit yourself to one question and one follow-up in order to give everyone an opportunity. You may reenter the queue with additional questions. Again, please press star one to ask a question. We will take our first question from Craig Ellis with B. Riley Securities. Thanks for taking the question, and congratulations on the very robust execution, team. Mike, I wanted to start with you. We've got a number of financial records that we're talking about today, so I'll focus a question on one of them. On the $1.1 billion backlog, can you provide some color on some of the mix dynamics that you see in that backlog and some of the duration dynamics that you see? Where I'm headed is can you help us understand the confidence that that large backlog gives you as you look at 2027 and the levels of revenue and the year-on-year growth potential? Sure. I think the backlog is a strong indicator of our customers' confidence more than anything else. They're confident in their expansion plans. They want a secure supply that they need from their critical suppliers such as us, they're confidently issuing purchase orders well in advance of the historical norms. I think that's a great takeaway, and that's why we shared it. As far as the mix goes, I think, obviously, we still have several months left, well, many months, four or five months left in this quarter. Probably 60%-70% of it is tied to this year, but 30%-40% is covering 2027, and it's still early. I think it bodes well for another year of strength in 2027. The discussions we're having with our customers is quite constructive for 2027 growth and growth dynamics. As far as what's in the backlog, I think it's just a continuation of the trends we're seeing. Relatively strong packaging across both memory and logic, basically HBM and 2.5D logic, as well that includes OSATs and a broadening customer list there, as well as the advanced nodes, where we expect to see some meaningful continuation of the growth that we've had the last two years, really. That's very helpful. Thank you. Brian, I wanted to ask a follow-up to you if I could. As Mike noted, stellar gross margin progress this year, tracking to 350 basis points. The question, I'm not looking for guide, just looking for some color, is that as we look beyond this year from these loftier levels than we thought we were going to have starting the year. Is there still gross margin expansion potential when we get into 2027? At the current pacing, it seems like we could get to a level that starts with a six. I'm just wondering if you have some comments on those prospects. Thank you. Sure, Craig, thanks. One of the things that gives us a lot of confidence as we look into 2027, even though we haven't put together a formal plan yet, is the contribution from Dragonfly G5 is still a smaller portion, smaller proportion of our overall revenue for 2026. As we've talked about, as the G5 continues to ramp up and becomes a bigger percentage of our business, there's an average selling price lift that goes alongside that helps give us a lot more fuel for our gross margin. Certainly in 2026, a lot of the growth has come from the move to the extended factories and all of those things that we've talked about there around the localization of supply chain, saving freight costs, lower labor costs that we've been able to tap into. 2027, I think, will be a combination of that continuing to scale along, hopefully, with some ASP growth as the mix changes in the business. That's great. Thank you. Thank you. We will take our next question from Melissa Weathers with Deutsche Bank. Hi there. Thanks for having me on the call. Congrats on the nice results. I guess, when we look at the results you guys are seeing and some of the backlog you're seeing, is there any way you can help us parse out how much of this is just a faster TAM or SAM growth and the industry getting better? How much of it could be share gains or new product wins? Just any way to think about how much of this is industry-wide versus you guys gaining some incremental share? Sure, Melissa. I think it's a little of both, right? Of course, the industry is growing aggressively. If you look at our peers, I think we're growing above that. Then you can start playing some games around the base and this and that. I'll leave all that tough math to you. From what we see, customers are adopting, finding new applications, and adopting the Dragonfly in new areas, at a much stronger pace than even we expected three months ago. We're adding new customers. Those customers are adopting the products in a broader way. That's a mix of both their demand as well as share gain opportunities. I think the metrology business is also doing a great job expanding their footprint in the factories. Some of those records we talked about, whether it's Iris films or in the integrated side. There are new applications in there, for instance, in logic that are all share gain. A year ago, we wouldn't have had hardly any, maybe zero logic for integrated metrology. I think it's really a mix. It's both, I'd say. Great to hear. As we think about your capacity to support this growth into next year, it seems like momentum is building. Any guardrails you can help us around, like what is your revenue capacity? What kind of steps are you taking to expand capacity? Just anything that we should be thinking about on the supply side. Well, in the past, we've said that we had the capacity for $2 billion, with our in-house factories. Since then, since that time, we've now added essentially the equal capability with our extended factories. In fact, what we're seeing is those factories are reducing cycle times, adding second shifts, with the capability of even third shifts. That capacity is actually much higher than our factories here in the U.S. We're not capacity constrained. Supply chain constraints, that's always a concern. We've done a great job managing supply chains throughout both the COVID time frames, where we met all shipments and commitments to customers. We're continuing to do that now, even as we see quite strong, phenomenal growth. We're working closely with our supply chains. We're leveraging our balance sheet a little bit, and we're making sure that we can meet our commitments to customers. Thanks, and congrats. Thank you. We will take our next question from Brian Chin with Stifel. Hi there. Nice results, and thanks for letting us ask a few questions. Maybe first, in terms of the increase to, I think it was 80% or at least 80% growth in inspection this year. Mike, can you outline a few of those drivers that have filled in or picked up for you across packaging in the back half of the year? Are you beginning to ship some follow-on systems against the HBM and 2.5D logic wins that you announced earlier in the year? Maybe Gen 5, as you mentioned, isn't that big a driver this year, but should be next year. Can you also lay out maybe or take a guess at what that Gen 5 versus Gen 3 mix could be for Dragonfly in 2027? Yeah, the Gen 5 mix is going to increase. That's kind of obvious, but we're not going to quantify that just yet, because I think even our customers are working on that for themselves. I think the excitement around Gen 5 is the new applications it opens up with its higher resolution and opportunities to grow into segments where we perhaps weren't as well-suited before. That's super positive. As far as the mix or the growth now, it's essentially an expansion of the 2.5D, so that's the OSATs picking up more volume. It's new innovative packaging technologies that some of the customers are adopting that we've already been well-positioned for, but driving growth. For sure, it's HBM, where we've seen really phenomenal growth in both 2.5D Sorry, both 2D inspection as well as 3D metrology. There is some pickup from our 3Di, as well as new applications for our sub-surface inspection, where we've seen very strong growth this year, as that product becomes more critical for 3D or heterogeneous packaging applications. The reasons are varied, but at the end of the day, it boils down to really strong demand for the flexibility and value proposition that the Dragonfly offers our customers. Great. Appreciate that. Maybe for the follow-up question. Specialty, I think you came into the year expecting that to be maybe down a little bit year-over-year. Can you kind of outline how that's improved, and if you expect that to be sort of contributor growth next year? For silicon photonics that you referenced there, you put that more in Specialty, or is that really advanced packaging relative to the applications? Silicon photonics is for sure in the Specialty segment, similar with Power. Power would be there as well. We're definitely seeing kind of a little bit better on the Specialty, probably helped by the silicon photonics, where it's more flat versus the down we originally expected at the start of the year. As far as next year grows, I think, depending on what Power does, we're certainly seeing, and we talked about the silicon photonics, that's a potential for some incremental adds next year. If Power recovers, as we're starting to see some indications of, we should see the Specialty market start to grow as well. That won't be close to the growth we're expecting from the packaging side. Fair enough. Thank you. Thank you. We will take our next question from Edward Yang with Oppenheimer. Hi, Mike, Brian. Thanks for the time, an impressive quarter. I just wanted to double-click on this backlog and also the step-up in revenue growth. Correct me if I'm wrong, the last time you mentioned backlog was in fourth quarter, and at that time, it had doubled to about half a billion. Now it looks like it's doubled again to $1 billion here. With the step-up in the second half revenue growth to 25% versus 15% previously, versus the first half, and the backlog above $1 billion, is that still accelerating as revenue steps up, or is business now moving into a more stable, elevated run rate from these levels? It's hard to answer that because we don't get steady streams of orders. We'll get a large chunk. We finish negotiating a VPA, and then that's followed up by a large chunk of orders, and then some fall off, mostly in the last month. It's hard to say, "Okay, what's the book to bill? How are things accelerating?" I would say the general feeling is that backlogs are growing. That's good. We are seeing strength in the backlog, we're also shipping more and more product. What we're seeing really is a confidence from our customers to make longer term commitments so that they can secure their slots in order to meet their ramp plans. From that perspective, I would say the better indications of where the markets are growing are in the kind of growth plans and the capital expense announcements from our customers. Okay, just following up on that. It sounds like the implied revenue for fourth quarter is about 3.5% sequential growth. You're guiding to almost 14% sequential growth in the third quarter. Could we see upside to that, or is there any sort of seasonality that would imply a slower sequential growth in that quarter? For Q4, if you just use the midpoint of the revenue guide that we gave at $390 million, the 25% kind of growth number as a floor would put you somewhere into the low $400 million for Q4. I think the sequential growth continues at a pretty rapid pace as we move from Q3 into Q4. We'll see exactly as orders come together from a shipments perspective of when things go out the door, and sometimes that depends on customers' ability to take something and have it show up on the dock. We're feeling pretty good about the back half of the year into the first part of 2027. Perfect. Thank you. Thank you. We will take our next question from Matthew Prisco with Cantor. Hey, guys. Thanks for taking the question. I guess first I wanted to dig into advanced node and kind of the product cycle story there. Could you give us an update on traction and customer conversations you're seeing on G5's potential penetration into the front end, and then maybe any update on what you're seeing in Iris G2, as well? Thank you. With the Iris G2, we've made several shipments and we're working through the normal installation, qualification, then performance testing against the specifications customers want to see. That process is ongoing and, like we've said in the past, generally these last six to 12 months. Hopefully we'll be able to accelerate some of that. It's basically going according to plan. That's similar with the G5 for front-end applications. We've got basically some delivered, so we're starting to run some samples through the tool and compare against the incumbent. We're also running a lot of samples in the application centers. We've talked about that in the past. In our application center. Customer interest seems quite high, and again, we'll probably see bigger contributions from that in 2027, not as much in 2026 as we've been consistently reporting. Helpful. Maybe could you give some more color on the visibility you're seeing today? Maybe how does that vary across end markets? What type of lead time are you seeing, and how do you think that sets you up for growth in 2027, maybe versus a WFE market that's now being discussed in $190 billion-$200 billion range, another 30% growth year? Thanks. Yeah. It's a good question. I would say the biggest change in visibility, Advanced Nodes has historically had a better visibility than advanced packaging. For us, the biggest change or improvement is in the advanced packaging piece, which given the magnitude of advanced packaging revenue for our company, that's a fairly significant improvement in visibility for us. Well over half the businesses tends to be from the advanced packaging markets. I explained on the call, the reason for that is it's being driven more from the AI hyperscale demand versus consumer demand, trying to predict if everyone's going to buy new cell phones or not. That was always a much tougher challenge for our customers. Maybe how do you think about that positioning in 2027, given that type of visibility versus the market? Thanks. I knew there was another part of the question. Unfortunately, we're not really prepared to talk about 2027 yet. However, we don't see any reason we can't continue to outperform the market based on the opportunities we see with the new products that we're releasing and the early demonstrations we've talked about. Those would be SAM expansion opportunities for us. Revenue gains, even if the market is flat, there would be an upside for us. As well as the ongoing demand we're seeing for the Dragonfly platforms in advanced packaging, our metrology suite in the advanced nodes, some incremental opportunities perhaps with the Rigaku partnership. There's several areas that would indicate that we have opportunities to help perform in 2027. Okay. Thank you. Thank you. We will take our next question from Crawford Clarke with Jefferies. Hey, guys. Thanks so much for having me on. I appreciate it. I'm not sure if this has been asked yet, obviously tremendous growth in the Advanced Node business, up 50% to a new record. Can you talk about how broad-based that was across maybe logic versus memory and how much of it is new application wins for gate-all-around, and next-gen DRAM versus maybe higher spend on existing tools? Yeah, great question. It was actually pretty broad-based. We saw strong growth in NAND off of a small base, but still quite high growth in NAND. We saw growth in DRAM. We saw growth in logic. We saw opportunities or growth in the adoption of the Atlas V, but even more so in the Atlas G6, which is really starting to differentiate itself with its much smaller spot, being able to measure with much tighter precision in the smaller area. This is giving customers opportunities to apply OCD to other parts of the wafers where they had to use test structures and in the streets. That's a big value proposition for our customers, and it's starting to drive adoption. I mentioned in the prepared remarks that we added DRAM customers. In addition to the gate-all-around or the logic customers we talked about last quarter, now we have DRAM customers adopting the new technology. Just to add, back in the prepared remarks, I mentioned that memory was up 60% quarter-over-quarter, and logic was north of 40%. Across both, you can see really strong performance. Got it. Super helpful. I'll just ask one more. There's a ton of stuff in the news about panel-level packaging. It feels like I get a news flash every day about something panel-related. I think you guys attack this from maybe two different perspectives. I think you have the JetStep program or platform, I think you also address it from maybe another angle. If you could help me better understand the opportunity there, that would be super helpful. Thanks. Yeah. In fact, we attack the panel market from three perspectives. One is the JetStep for large panels. If we look at the panel market, it's really in two sort of bifurcations. One is large panels, so large square substrates, say 500 by 500 and above, 500 millimeter by 500 millimeter and above. The other is driven through TSMC, that's their CoWoS, that's 310 by 310 square panels. In the CoWoS area, we're looking at inspection, metrology. Essentially, a lot of the packaging technologies that they've adopted from us for process control in CoWoS are being applied to CoWoS. Now, in the larger panels, we have the JetStep, which you mentioned, we also have the Firefly, which is now adopting and integrating the Dragonfly G5 optics. It has the most advanced optical platform, as well as several of the metrology sensors that the Dragonfly is well-known for. This is giving the panel market a suite that's capable of much more process control and hopefully unlocking yield improvements much faster than they were able to achieve when they were just using inspection at the final stage of a panel's fabrication. Got it. Super helpful. Thanks, guys. Thank you. We will take our next question from Vedvati Shrotre with Evercore ISI. Hi. Thanks for taking my question. Mike, on the advanced node strength you're seeing, and even on the packaging strength you're seeing, could you give some color on how this splits out foundry logic versus memory for advanced node and HBM versus non-HBM, I guess, on advanced packaging piece? I'll take that one. Yeah. Sorry. There's some static, sorry. From a memory perspective or advanced nodes, memory is about 60% of where we were in Q2, and logic was about 40%, and the growth rates just happened to kind of be similar. On the AP side, I think as we've talked about both 2.5D and HBM have both been relatively the same, so pretty consistent growth across both over the whole first half of the year, to be honest. Does that stay the same in second half as well when we think about the total year? I think expectations-wise at the moment, yes. HBM is continuing to be pretty strong, so it may take a little bit more, but both of them continue at pretty much a similar pace. The other question I had was, we're kind of entering this time of unprecedented visibility. You're seeing your backlog kind of keep on growing. Does your visibility extend into second half 2027 now? Is kind of that the level of visibility you get from your customers? Visibility through discussions, through planning cycles, things like this, yes. I think not a lot of the backlog is going to start extending into the second half of 2027, but for sure the discussions, like I mentioned, are constructive, and we're now in the process, starting the process of discussing VPAs and Volume Purchase Agreements for 2027, which will further add to the visibility or confidence in 2027. This is the normal cycle that we're in. Understand. Thank you. Yep. Thank you. We will take our next question from Shane Brett with Morgan Stanley. Thank you for letting me ask a question. My first question, I want to follow up on some of the early questions on advanced node business. That's growing north of 35%, despite process control intensity in the industry not being as favorable, just with quite a bit of 3 nm and OCD additions, and just ahead of peers. Is this outgrowth reflective of your portfolio being more memory skewed, or are we capturing just incremental dollars related to the broadening of the leading-edge logic customer base? Thank you. It's a good question. I don't think it's because we're more memory skewed. Historically, we've kind of been pretty balanced between DRAM, logic, and NAND. Of course, if you add them up, if it's roughly a third, a third, a third. We started to see a shift more towards 50/50% logic, 50% memory, and then that'll fluctuate around there. I don't think that explains it so much. I would say that the combination of us adding new products, getting those new products adopted and growing, that's the Iris films, that's the integrated metrology. That's expanding our opportunities for growth, or wallet share for every, let's say, $ tied to a 10,000 wafer start expansion. Which has always been a part of our core strategy, is to leverage the technology, provide new solutions, expand our SAM within the customers that we serve. Got it. That's helpful. I have a little bit of a mixed question as well for advanced packaging. How should I think about your relative share between CoWoS, SoIC, and HBM? I'm asking this because this year's quite a bit cost-intensive, but with next year being a bit more HBM and SoIC, is that mix shift kind of a tailwind or a headwind for you? Is there one area where you'd prefer to grow rather than another? I don't have the exact numbers in front of me, generally, our strategy and focus is to broadly serve the value chain. Like we mentioned today on silicon photonics, we're already focused on engaging in these new areas of potential growth, these new waves of growth. SoIC is one of the areas that the Dragonfly G5, with its higher resolution, has some new opportunities in. That would be part of the upside potential that we would be looking at. I think, what else would you say? Mentioned packaging. I think that's it. I don't know if there's Let's put it this way. Based on the feedback we're getting from customers on where their growth is and what tools they need us to be preparing for, we're not expecting any kind of headwinds going into next year. We're expecting quite nice tailwinds. Got it. Kind of like an end market agnostic then? We try to be, yes. Got it. Thank you very much. Thank you. Once again, if you would like to ask a question, please signal by pressing star one. We will take our next question from [Nazar Baimukhan] with Freedom Broker. Hi, congratulations on the strong results, and thank you for taking my question. You highlighted silicon photonics as a new growth opportunity. Could you please explain which Onto products are being used and how you expect demand to scale as customers move into volume production? Good question. It's both inspection and metrology where we're seeing the traction. I think the biggest, let's say, value or traction within those markets is the inspection, because it has some metrology built into it. For very specific or more precise metrology, films metrology and front-end metrology, we're seeing opportunities for the Iris films. Both are in play. As that market scales, we would expect to see fairly linear ramp of the process control technology with the volume. As we mentioned, we're expecting that SAM to grow to about $500 million or so by the end of the decade, so in the next four years. Thank you. The follow-up question regarding advanced packaging. Could you please clarify the updated standalone growth outlook for advanced packaging? Looking into 2027, do you expect growth to remain elevated, or should we expect some moderation after the strong capacity build-out this year? Good question. What we said in the prepared remarks is we expect advanced packaging to grow at least 80% this year. 80%? Yep, 80%. We expect that to grow again into next year. We're not seeing any signs of overcapacity. We're hearing about constraints and pressure from our customers' customers on ramping more capacity, releasing more capacity. We're fully expecting additional growth into next year, through next year. Thank you. You're welcome. Thank you. At this time, we have no further questions. I would now like to turn the call back to Sidney Ho for any additional or closing remarks. Thanks, Rachel. We will be participating in a number of investor conferences throughout the quarter. We look forward to seeing many of you there. A replay of the call today will be available on our website at approximately 7:30 P.M. Eastern Time this evening. We'd like to thank you for your continued interest in Onto Innovation. Rachel, please conclude the call. This does conclude today's call. Thank you for your participation. You may now disconnect.