Now supply/ demand gap is larger and larger. _ MS: we continue to see increasing demand, causing further supply constraints and a widening supply/ demand gap. Recent checks indicate that ABF undersupply gap would widen to 22% by 2030 (vs 15% previously), which is putting upward pressure on pricing and margins for the substrate suppliers. Increasing constraints are also driving a broadening out of the supply ecosystem: As demand gets stronger, we are seeing end-customers choosing to allocate more demand to smaller scale suppliers, as well as customers choosing to work with new entrants. This is why our recent checks indicate that Kinsus is working on more different kinds of substrates for Nvidia, and ZDT is also working on qualification for future TPU substrates (in addition to being a key substrate supplier for China AI chips). We believe this is further evidence that customers are concerned about supply tightness and are finding different solutions to ensure business continuity