Let's talk about LTA's / pricing for Photonics $LITE $AAOI $GLW $COHR etc. Historically a lot of this business was pretty tactical. Customers bought quarter to quarter, suppliers fought for share, and price-downs were part of the game. This is not the case anymore due to the supply being this scarce. $LITE : Mgmt said they basically never used to have LTAs like this. Now all of their EML capacity is spoken for through 2027, and customers that commit get supply priority. They also said LTAs have helped pricing because they no longer have the same quarterly negotiations for price cuts. “If anything, prices are holding or they’re increasing.” And when customers come back asking for MORE capacity than they originally contracted that opens the door for another pricing discussion. $COHR : Their LTAs can include > multi-year volume commitments > pricing commitments > minimum demand guarantees > take-or-pay structures And many of these agreements extend through the end of the decade. $GLW: Says essentially every major optical capacity expansion is now backed by these kinds of LTA's, and eventually they expect this structure to represent the “lion’s share” of the optical business. So this landscape is increasingly becoming: Customer commits volume → supplier builds capacity → supply gets reserved → pricing gets protected.