High-end drill bits manufacturing are more difficult than you think. In the past, this was something that was dominated by the Japanese, and EU. China has cracked the market just several years ago, and have been expanding aggressively since. Coincidentally, one of the key ingredients to manufacture this drill bit here is Tungsten - specifically Tungsten powder. China has choked off Japan's APT & Tungsten powder supply since early 2026. In the event where Japanese carbide manufacturers cannot fulfill all customers' orders, semiconductor customers are moving across to China to diversify its supply chain. That's not to say that the Chinese supplies will flood the market. Just like any semiconductor supply chain, the verification process takes 6-12 months. So there's the lead time. Reviewing all the half-yearlies of the Chinese PCB/AI drill bits manufacturers, they have all said that the demand is exploding, and supply can no longer keep up with demand. They have also shown 0 concern on future prices because they expect the selling price will be higher for the foreseeable future. Whatever is produced, will be sold. Combined with the "depressed" Tungsten price in China vs ex-China, you can be sure their margins are expected to increase in 2H26 vs 1H26.