3443 TT, Global Unichip limit up again, ATH. We originally found GUC through Bitcoin. It was a major ASIC design partner for Bitcoin miners, which led us to research its unusually close relationship with TSMC and deep engineering bench. Today that same capability is being monetized by AI. GUC is working on custom chips for Google, Tesla and other hyperscalers. August sales +111% YoY, driving today's action. The contrast with Bitcoin mining machine makers is striking. CAN was in NY this week on an NDR. Despite having a competitive next-gen A16 miner ready, it has decided not to mass produce it. AI is soaking up advanced wafer capacity and pushing the economics against Bitcoin ASICs. AI crowding out Bitcoin mining has reached the chip level. The implications for Bitcoin are less obvious. Canaan’s retreat could mean still more dominance for Bitmain, with Bitdeer emerging as a credible challenger. But slower ASIC efficiency gains also mean existing machines become obsolete more slowly, reducing the reinvestment required to stay competitive. And to the extent hashrate growth slows or reverses, difficulty adjusts lower, providing yet another tailwind to margins for the miners who remain. Still, hard to frame hashrate decline a positive net net.