Good afternoon, everyone. My name is Toshiya Hari. I cover the semiconductor and semiconductor capital equipment space at Goldman. Very excited, very happy to have Tyler Warren from Teradyne. He's the CFO of the Semiconductor Test business. First of all, Tyler, thank you for coming. Yeah, thanks for having me. Appreciate it. Really, really appreciate your time. I think many of us are relatively new to you. So I was gonna kick off by asking for your background. You've been at Teradyne for about 18 years, but maybe you could spend a couple of minutes talking about, you know, your background, your key responsibilities as the CFO of the Semiconductor Test. Sure. Yeah, absolutely. So, I'm Tyler Warren. I've been at Teradyne for about 18 years. I started there in 2006. I went to school at Bentley in Waltham, and started at Teradyne, right out of school. So I've done a number of different jobs at Teradyne. You know, one of the things that's kept me there is, you know, the ability to do multiple things and in multiple different areas of the business. So I was in finance for a while. The role I had prior to this, I was the general manager of our system-level test business, which is, you know, an important part of the semiconductor test landscape. And then for the past four or so years, I've been the CFO of the Semiconductor Test business at Teradyne. And I'd say, you know, there's a lot of responsibilities. There's, you know, you gotta do compliance, and you gotta do all that type of stuff as a, you know, CFO. But the main thing is making sure that we have a robust business model, you know, a business model that can support our customers, that we have the right, you know, application of resources to our R&D pipeline, that we're keeping up with our customers' roadmaps, that we have the right applications and support to grow our customers, you know, grow with our customers. And so, you know, making sure that we do all that, but also have attractive financial returns. You know, the investors in the room, everyone wants to have, you know, growth both in the top line and the bottom line. But to do that, you have to have a robust business model that keeps up with our customers' requirements. And so it's that balancing act of, you know, managing the finances, but also managing the ability for us to invest where we need to for top-line and bottom-line growth. Okay, great. I appreciate that. I do want to spend a bunch of time on the individual markets within Semitest, but since you are the CFO and since you talked a little bit about the R&D pipeline, I did wanna, you know, ask you on strategic focus, what you guys are spending your time on, what you're spending your R&D Dollars on. When we look at the total company, the Teradyne, I think the OpEx to sales ratio in 2024 is probably gonna be the highest since 2013. We're aware of all the strategic investments going on on the robotics side. Yep. But how are you spending your time, your R&D resources in Semitest? Yeah, great question. And I think to kind of couch that, what I'd say is, you know, we're really excited about the market and, you know, it's the market growth that we're investing in to try to capture. And if you backed up to kind of 2018, 2019, the total ATE market was somewhere around $3.9 billion-ish, and today, in 2024, it's around $5.1 billion. So there's been this kind of growth in the market of $1 billion to $1.1 billion. And so, you know, our focus is on making sure that we're attacking the areas of the markets that are growing. So there's investments we're making across the broad portfolio of our product line, both in R&D and in applications and support, to make sure that, you know, where there's growth in the market, in places like compute, in what we call VIPs, vertically integrated producers, in memory, in automotive, that we have a product roadmap that's attractive to our customers, that we have the sales and support to win that business on the ground, and that ultimately in this market, share is really sticky. And so getting designed in early and riding that wave as the market grows is hugely important to our business model. And so, you know, we're spending a little bit more now than we have in the past. But if you look at our long-term model, we expect to be in the 28%-31% OpEx ratio by the time we get to 2026, and we're investing to be able to facilitate the top-line growth to get there. The mobility TAM within Semitest or SOC test is down, I believe, more than 50%, peak to trough. You know, $2 billion-ish in 2021. According to your guidance, your forecast, roughly $900 million this year. There's a lot of excitement around AI, in particular with, you know, the S24 by Samsung earlier in the year. You had Apple come out with announcements earlier in the week. I'm curious how you guys are thinking about the mobility test TAM over the next one to two years, say, as AI becomes a bigger driver- Yeah in the marketplace. Great question. Maybe just to back up a little bit. You know, historically, we've been quite strong in the mobility space, and like you said, the market back in 2021 and 2020 was in the $1.8-$2 billion range, and it's been cut more than in half from that to $800-$900 million this year. At the same time, the compute market has grown from $600 million to almost $1.6 billion this year. And so, you know, we've been historically very strong in mobility. That's been great for us for a long period of time. The market's shifted in the past couple of years to be much more compute-centric and less mobility-centric. And so some of the investments we talked about are to make sure that we can capture that market share in a growing compute area, while protecting our investments in mobility, where we already have high share. But we do expect the mobility market to grow. You know, it's coming off a trough. It's $900 million last year, maybe $800 million in 2024. And there's a couple things that we think are gonna facilitate that growth. You know, one is there's been a reallocation of test capacity from the mobility space over to the compute market, and so that's soaked up a bunch of excess capacity that was in the marketplace in 2023 and 2024. That's part of the reason why the market was a little bit lower in those years than in past years. There was a lot of capacity put in place in 2020 and 2021, and we've been soaking up that capacity as we got through the last couple of years, so some of that reallocation to the compute space is gonna tighten up utilization and mobility, and that'll help the market grow again as we get into 2025. Unit growth, you know, units are up this year. If you look around, you know, there's an expectation that units will grow a little bit in 2025. If that happens, that's another catalyst for the mobility market going forward, and I'd say longer term, maybe not next year, but in the future, one of the big things that we think will help the mobility market is kind of the AI and AI edge capability that's gonna get put into smartphones. And when that happens, there'll be both an increase in the test complexity of a mobility chip, so it'll take longer to test the same chip tomorrow than it does today. That drives incremental test capacity. And then if there's this application that people want in a phone that they can't get without the newest model, you know, there's an opportunity for it to drive the refresh cycle down. You know, it's been kind of expanding the last couple of years, you know, how quickly people go and get their next phone. You know, if that shrinks a little bit, that could drive unit growth in the future, too, and that would be a benefit to the mobility market. So, you know, over the next couple of years, those are kind of the things we see, you know, driving the mobility market moving forward. Okay, that's great. I guess I have a similar question in mobile, but a little specific to a customer. Yeah. You know, a customer that used to be very large for Teradyne. I think they peaked at 25-30% of revenue at one point. You know, revenue from that customer is down quite significantly over the past several years. As we look ahead, is it pretty much units, you know, complexity, the insertion point of N2? Are those the kind of things that we should be watching out, looking out for, or are there other things at play, like maybe what they do in PCs or servers as well? Yeah, no, you're absolutely right. They were a much more meaningful revenue contribution in 2020 and 2021. You know, obviously, they're a sub-10% customer for us this year. But I'd say, without talking specifically about a single customer, the things I've talked about in mobility are the same drivers that we would look for for that customer to expand their test capacity needs. So it's really around, you know, what's the complexity of the AP? What's the complexity of the chip that's going in the phone? You know, that moves to N2, that should be a jump in transistor count, and that should drive incremental test capacity needs, and then unit count. You know, as units grow, there's a need for more test capacity, so those are the things that we watch out for. Okay. Okay, great. You talked a little bit about the compute opportunity, the VIP opportunity. I think on recent calls, you've sized the VIP sort of market, if you will, in 2026, at $400 million-$600 million. What's the makeup of that number, of that forecast? Is it mostly custom CPUs and accelerators, and how would you characterize your competitive position within that market? Again, historically, I think compute, you were under-indexed, but going forward, could we expect, you know, higher share? Yeah. So just if I take a step back for a second, the compute market historically has not been a place we had very high share, and a lot of it's born out of, you know, the x86 architecture, you know, was never a stronghold for us. We had focused much more on mobility. That was a very good, you know, market for us over the past decade, and the compute market was much smaller. It was, you know, $400 million-$600 million. That shift that's happening is what we're paying attention to right now. And VIP's, vertically integrated producers, is the place that we think we have the best ability to go gain share. And these are gonna be guys that are gonna be insourcing, you know, the actual, chip design and then specifying the manufacturing and test equipment out into the test world. So think of these as, you know, guys you've probably heard of Amazon, Google, Microsoft. Those are all what we describe as vertically integrated producers. They're insourcing that silicon. So the makeup's everything you could think of. It's custom GPUs, it's custom CPUs, and it's custom AI accelerators. So and there's other things in there, too, like ADAS chips that we characterize in that part of the market. Going forward, you know, the growth is gonna be in all those areas. You know, again, we think that market's maybe $200 million today, and we have the ability to win about 50% share in that space. And so, you know, our compute share right now is in the low 20% range. So as the VIP market grows from $200 million this year to $400 million-$600 million by 2026, and we're winning 50% share of that market, you know, our compute share is gonna start to grow quite significantly as we get towards 2026, and that's what we're excited about from a growth perspective. Okay. And in terms of market share, are you at fifty-ish today, and then... Or, or are you sort of aspiring to be at 50% over the next couple of years? So it's a noisy market, and so we track it in two separate ways. One is, like, who's buying? What do people actually spend on test equipment? And for that, we're about 50% this year. And you can see it in our numbers, like, compute revenue for us in the first half of 2024 was greater than all of the compute revenue we shipped in 2023. So we've seen a significant step-up in compute revenue and a little bit of share in 2024 already. So that's what we're seeing. Okay. Okay, got it. Shifting to automotive, industrial, you know, the broad-based semiconductor customers, that market also is down, I believe from $700 million at its peak to $500 million this year. Industrial is down, I think about 50%, from $600 million to $300 million. You know, many of your customers on recent earnings calls have spoken to signs of stabilization, maybe an uptick exiting the year, going into next year. What's your- Maybe I asked the wrong question. What's your near- and medium-term outlook in both industrial and automotive? ... Yeah, so we think both are really good markets. The industrial market and the automotive market are both places where we've historically been quite strong. So we have, you know, 40%-50% share in the industrial market, same in the automotive market. But they're both quite weak right now. You know, the industrial side of it is more tied to macros, you know, PMIs and things of that nature, you know, down across the board and, you know, U.S. and in Europe. So, you know, I think what we watch for is the kind of broad manufacturing environment continues to recover into next year. We should see some growth in that market, and we're well indexed to the industrial market. I think the automotive market is a much more interesting story, I'd say. You know, there's a bunch of tailwinds in automotive that we're really excited about, and we have, you know, really good share in the automotive space. So things like the transition from the combustion engines to EVs, like the semiconductor content that goes into an EV car, is twice that of what's in a combustion engine car. So as that transition happens, both here and overseas, you know, we're getting a lot of semiconductor growth in the space that should drive a bunch of test capacity going forward. So that's one area that we're excited about. ADAS is another. You know, the ADAS volumes are not high yet, and there's not a lot of like, you know, fully self-driving cars obviously out there right now. But the test intensity of ADAS and the fact that it has to adhere to automotive quality requirements drives a huge test intensity to that chip. And so we've seen, you know, revenue for ADAS chips this year, and we expect that to be a meaningful growth driver for the automotive market, you know, over the next couple of years. And then there's things around that that also make a difference too, like battery management systems. So the device revenue for battery management systems is growing at 30% a year. It's off a small base, but it's growing at 30%, so that's you know, a meaningful contribution as we get towards 2025 and 2026. So you put all those things together, we've got an automotive market that we're really excited about from a growth perspective, and we've got a share position that we think we can defend that 50% plus going forward. So it'll be a, you know, it's a big part of our earnings model as we move into 2026 and how we're gonna grow into that model, and a place where we think we can be really successful. Okay. And Tyler, obviously, you've gone through many cycles, historically. Just a quick follow-up on automotive and industrial. Typically, the timing at which your business, the semi test business, recovers, I presume there's a lag, vis-a-vis when your customers are seeing their business pick up. Is that the right way to think about the relative timing of an inflection, if that makes sense? Yeah. It's more how they're planning for their capacity, right? I mean, if they're gonna see an uptick in units, you know, they have to look at their planning cycle, and they have to see, "Okay, what's my test capacity look like, either in-house or at the OSAT? What's the complexity of that gonna be? And so is there gonna be test time growth?" All those components go into their planning cycle, and then they would migrate that planning cycle to us. And our lead times are usually, like, in the one to two quarter range. Mm-hmm. So we'll likely get visibility into that, you know, one to two quarters out, and so we're planning our manufacturing capabilities to be able to respond to an uptick, both in, you know, automotive and industrial when it happens. But, you know, for the kind of next quarter, quarter and a half, it's pretty weak right now. Mm-hmm. On the industrial side, I mean, on the auto side, you know, it's weak. There's a lot of capacity put in place in the last couple of years and a lot of, you know, supply chain-driven inefficiencies that, you know, drove a bunch of inventory into the channel. So people have put in place a lot of capacity because of that. And so we're kind of moving through that, soaking up that idle capacity- Mm-hmm ... right now, and then as the market recovers, you know, we'll see kind of our orders in the kinda one- to two-quarter lag. Okay. Okay, that's helpful. On the memory side, HBM has been a really big driver for you guys and for the broader market. I think the TAM is expected to increase nearly 5x, from $100 million last year to $500 million this year. As you look forward, what are your expectations for the next, you know, few years? Your customers have plans to transition from HBM3 to HBM3E, HBM4, and so on and so forth. Would it be fair to assume that test intensity grows as your customers make those transitions? Yeah, and I think we're already seeing it. So the HBM market, from a test perspective, didn't exist before 2023. You know, it wasn't anything. So in 2023, it was about $100 million of test capacity that got put in place. Like you said, that grew 5x, we think, in 2024, to about $500 million. And part of the reason is that test intensity. You know, the test intensity of an HBM chip is somewhere around 5-10x out of a normal DRAM chip, and so that's why you see such huge market growth in this space. And I think that'll continue having that outsized test intensity factor as we move forward, compared to, like, normal DRAM chips. So, you know, our position right now in HBM is something we're really excited about. We've got share at a large supplier on the single die part of the test. So there's two test insertions in HBM. There's single die, which is more at the wafer level, then there's stacked die, which is more of a performance test. You know, right now, in 2024, the market is kinda one-third single die, two-thirds stacked die. So we've got, you know, two-thirds of the market that, you know, we don't play in right now. We're only in single die test. And so as we look forward to 2025, you know, we've got some big designs that we're working on to get into the performance test side of it. And we think, you know, once we're successful in those, that'll move our share back up in 2025 and in a growing market. And we've got kind of a couple key product differentiations that are gonna enable that. One is, we've got better throughput for our tester. We can test more devices in parallel and faster than our competitor, so that provides a cost of test advantage that we can harness. And then the second is, in memory, you have to be able to test that speed. And so as the speed that the device operates at moves up from HBM3 to HBM3E to HBM4, you know, unless your tester can keep up with that speed increase, you'd have to go buy a new tester. And we, you know, the tester that we have for the performance test design in, is good for both HBM3E and HBM4. So that's a significant competitive advantage when we go try to win these design-ins. And so we think we'll be successful in that area, and we'll grow share in both, single die and in performance test in 2025, in a growing HBM market. Okay. So just to clarify, the performance test, you know, you guys sort of making that entry into the market, that's a 2025 dynamic? Yeah, we think that'll be a 2025 dynamic. We're in, you know, we're in discussions now. We're in a, you know, design-in now, but, you know, by the time we get qualified and move through that, it's likely a 2025 dynamic. Okay, got it. On the NAND side, where historically you've been really, really competitive from a test perspective, your customers are coming out of a fairly deep, extended downturn. Pricing is starting to improve, customer profitability is improving as well. What's sort of the sentiment out there? Are you starting to see signs of a potential recovery in NAND test? Yeah, so NAND or flash has historically been the stronghold for us in memory. Back up a long time, we got into the memory business in two thousand and nine by buying a company called Nextest, and they were a flash NAND test house. And so at that time, we had about maybe 4% share of the memory market. We've grown that both in NAND and in DRAM, to about 40% share in the memory market. So significant share growth over the past 10 to 15 years in the memory market. But, you know, as we've all read, the NAND market is down. You know, ASPs are down. It's a difficult pricing pressure out there. And so, you know, this year, the NAND market represents about 20% of the total memory market, and DRAM is 80%. Usually, that's 50/50, and we have a very strong position in NAND. We're about 80% share in the NAND test market. The thing that's held it up this year is actually, you know, despite the fact that units are challenged and bit growth is not as high as it has been, is technology transitions. And so things like UFS 4.0 have driven a wave of engineering capacity, and the need to buy new test capacity to test that new interface. So that's kinda what's held up the NAND test market in the first half of this year. We think that capacity kind of played out in the end of Q2, so now we're in a little bit of a lull until that transitions into production test capacity needs in 2025. You know, we think the NAND market will grow starting next year, but it's from a depressed base. Got it. Okay. Looking back, I believe the Semiconductor Test market has marginally undergrown the WFE market, over time, through cycle. Given everything that we've just discussed on the SOC side and the memory side, going forward, is the operating assumption inside Teradyne is that Semitest grows in line with WFE, above, below? Do you not look at it that way? How do you guys think about that? We try to look at it from a multiple number of angles, and one for sure is, you know, what's the WFE market or wafer front-end market doing, and how does test compare to that? And, you know, in the past couple of years, we have undergrown that, the test market, so the, you know, the intensity of test to WFE has shrank the past couple of years. And there can be a variety of reasons for that. You know, there could be, you know, putting in capacity for leading-edge nodes that don't come online, so you've got the capacity going in WFE, but it's not outputting wafers yet. And then there's, you know, a lot of capacity going into China, and China's building up their own, you know, a new set of capabilities for that. So, I think, you know, and our planning is going forward, at least for the next year or two, that that'll flip-flop, and we'll outpace the WFE market from an intensity standpoint, a little bit. But it can be quite noisy. If you do a correlation back, it's not always perfect one-to-one. Mm-hmm. Mm-hmm. And Tyler, you mentioned this a little bit, just on China. For your business, I believe local Chinese customers account for 5%, plus or minus? Yeah. Yeah, a little less than 5%. A little less than 5%, which is very different. Yeah ... from what the WFE guys are seeing today, you know, 30, 40, 40% plus. That's right. Is that a function of, again, maybe it's timing, right? Maybe you're about to see a massive inflection in China, or the investments going into the front end, it's pull in, it's not necessarily tied to output. Maybe it's more competition for you guys in China relative to the Applied, Lam's, KLA's of the world. Right. How do you guys process the differences there? Yeah, the China market's interesting. So, first of all, it's a big test market. It's an important part of the business and a place where we have a very strong team. On the memory side, we have, you know, very good share in memory in China, you know, share that kind of mirrors our global share, somewhere around, you know, 40%-ish. The big challenge for us on the SOC side is government regulations. A big chunk of the market is Huawei and HiSilicon, and, you know, back before government regulations, they were a 10% customer for us. So we had, you know, we had the ability to win share there. We had very good coverage there, but we can't deal with them anymore. And so they're 30, on any given year, 30%-50% of the SOC market is Huawei or HiSilicon. So the challenge for us, and the reason that we have such low index to China, is mostly a government regulation issue. We can't deal with some customers over there because they're on, you know, FDPR regulations or the Entity List. Where we can, we think we, you know, have a very good team, and we're able to win share. There's, you know, automotive opportunities out there. There's custom ASIC opportunities out there, all of which we're, you know, competing for and have good progress in. So there's nothing different about the China market where we can compete. It's just that there's parts of it, big chunks of it that, you know, we're not allowed to deal with. Okay. And those customers are using local semi test providers and solutions? A lot, or Advantest, our competitor. Yeah. Okay. Okay, interesting. You announced a strategic partnership with Technoprobe toward the end of last year. It was a fairly sizable investment for you guys. Yeah. Just remind us what the rationale was. I guess, why did you feel as though you had to take an equity stake in the company? You could, you know, you guys were partners prior to that, so what catalyzed- Sure. The investment? Yeah, it's really to facilitate strategic partnerships. So just to remind everybody, we took a 10% equity stake in a company called Technoprobe. And Technoprobe makes the pins that go into the device interface board, and that's the board that connects our tester to the chip handler. So basically, it's the signal router between the tester and the chip, and it routes signals back and forth and controls the electrical flow. So the reason that we thought that that's a great idea is because there's they're the leader in that technology, and we think we can unlock horsepower in our tester that we couldn't otherwise unlock. And so, you know, our tester versus our competitor's tester, we have higher horsepower and more throughput. So if we can unlock that throughput, then we can have a competitive advantage in the marketplace. And so the combination of us and them working together on some of these strategic partnerships from a technology standpoint helps us better unlock that tester throughput that can win share in the market, and that's the investment thesis. Okay, got it. I'm gonna pause here and see if we have any questions from the audience. If you do, please raise your hand. We've got mics going around. Thank you. The question is for the logic testing, right? On one hand, we see the Known Good D ie testing requirements getting higher given that the chiplet design. So the wafer test requirement is supposed to be higher. But on the other hand, again, the chiplet design is getting more and more, so the final test requirement is also going higher. So can you tell us what kind of, like, you know, that testing dollar content increase in both area, and what kind of growth can we expect it from those trends? Yeah, so the question is about chiplets and what the test intensity of the chiplets are? Yeah, for both, wafer test. Yeah, so it's. You know, what we're really talking about is advanced packaging, and advanced packaging has been around for a long time. When you put multiple chips and assemble them onto a die, what you get is a little bit of test intensity increase. You might get, like, a 10% bump because now you have to test each of the individual chips by themselves, and then you also have to test the chip as a package. So it's not, I would say, a huge driver. It's certainly an incremental benefit to us as, you know, more companies go towards a chiplet design that's gonna allow them to get, you know, higher performance in their chip, but it's not a huge benefit. Yeah, I'm squeezing one more question. Sure. For the SLTs. Traditionally, SLT is not like performance hungry, i.e., that you know in general the testing requirement is a lot lower for SLT. But recently, we do see like HPC or accelerator the SLT demand is you know it's increasing quite a bit. Do you see SLT will be more performance-driven or still a cost-driven business? Are you you know targeting in this market? Yeah, SLT is gonna be a very important part of the test flow going forward. And for context, you know, we have an SLT platform that we developed internally. We brought that to market in 2017, and it's been a significant part of our business, for the past, you know, four or five years. And SLT is really, it, it's system-level test, but it's meant to capture the last, like, 1% of defects or something much smaller than that, after you go through ATE. And so where ATE does parametric test, and you can only test a couple devices in parallel, in SLT, you're just doing a functional test. So you're gonna boot the chip, you're gonna see that it runs applications, you're gonna basically do a pass-fail test on it. And because of that, there's a lot less instrumentation that goes into it, and so the cost per unit is much less. And so I think as, you know, devices get more and more complex, you know, there's only so much coverage you can get in ATE, and you're leaving, you know, a number of transistors untested. And as that goes from, you know, you've got five billion transistors on a die to 30 billion transistors on a die, you're leaving a lot more transistors untested. And that's the reason why SLT is necessary, because you have to get that fault coverage to get DPPM down to an acceptable rate. So I think it's gonna become a much more meaningful part of the business for us going forward. It's a place where we have a great platform and great customer contacts, and especially in HPC, where the number of transistors on a die is exploding. It's gonna be an important test step for us moving forward and for the market. Great. I wanted to ask about M&A in Semitest and how you all think about- Sure ... capital return going forward. I think back in the day... you know, twenty years ago, semi-test used to be sort of the Wild Wild West, and you had a bunch- Yeah of companies, and it's very consolidated now. When you look at Teradyne over the past, you know, five, six, seven years, pretty much all your acquisitions have been in sort of robotics arena. Within semi-test, how do you all think about potential M&A? Is that a consideration, or do you feel like at this point you're in a steady state? Yeah, no, it's absolutely a consideration. And it's not that we think we have a gap in our portfolio. It'd be adding, you know, a place in the market that's, you know, underappreciated, or we can add a technical advantage. You know, it has to be something we bring to the table, or that is gonna, you know, make it so that the company is stronger once we acquire them than they are independently. A lot of the reason that the M&A has been in the robotics space in the past five to seven years is that there's a lot of growth in the robotics space, and historically, five, seven years ago, there wasn't a lot of growth in the semiconductor space from a test market perspective. That's changed. That dynamic's changed. We now see a growing ATE market, as I described. It was, you know, $4 billion three or four years ago. Now it's $5 billion. So it's become much more attractive from an M&A perspective to go out and look at opportunities. But at the same time, we're really diligent in how we look at it. You know, it has to have a good financial return, has to have a business model that kind of lines up with our business model, and there has to be some rationale for why it's a strategic fit for us and why we can make that company stronger, have a better return inside of Teradyne than outside of Teradyne, and we balance that with a balanced capital allocation plan. You know, we do stock buybacks with the acquisition of the equity stake in Technoprobe. We've measured that down as we rebuild our cash back up to kind of our $800 million floor, but certainly, going forward, we plan to have a mix of stock buybacks, dividends, and M&A, both in the, you know, we look both in the test and the robotic space for M&A. Okay, great. In the last two minutes, I wanted to give you the opportunity to speak to anything that we may have missed, or I don't think you spend too much time with investors and analysts, but to the extent you have anything as a collective unit, we, you know, miss or underappreciate about the semi-test business or Teradyne overall? Yeah, no, thanks. I think the thing that I'd like to spend two minutes talking about is just, you know, our growth aspirations in conjunction with our long-term model, right? And so, you know, there's three things that we're really excited about in the semiconductor market. One is, you know, the VIP space, where, you know, we've been underindexed in compute. We think we have the ability in the VIP space to grow share at a 50% clip in that area, and that part of the market grows from $200 million to $400 million and $600 million by 2026. So that's a huge growth vector for us. And the second is automotive. You know, we spent some time on this, but, you know, the growth tailwinds for automotive, for the Semiconductor Test market, are large, and we have a very good share position in automotive. So that's a place that we think we can expand our share as well as grow with the market. And the third is memory. You know, the HBM market's gonna grow. You know, we're gonna gain share in the HBM market, and so we're gonna have, you know, a growing memory TAM and a growing share position. And those three things are gonna fuel us to, you know, hit our long-term earnings model by 2026, which is, you know, 12%-18% test growth for the company. From 2023, we expect to grow between 12% and 18% on a CAGR basis into 2026, and those are the things that are gonna fuel that growth. Okay. So I think that's the thing I'd like investors to appreciate is, you know, the growth tailwinds that are there and how we're gonna prosecute them for success. Great. Thank you so much for your participation. Yeah. Appreciate it. Thank you very much. Thanks. Thank you for coming as well. Thank you.