In 2025 we ran an unusual two-stage transaction. Acquired ZT Systems in March for $3.2 billion cash plus 8.3 million shares. In October divested manufacturing to Sanmina for $2.4 billion cash, 1.2 million Sanmina shares, and up to $450 million earnout — let's call it $1.4 billion net cash. We retained the design IP and team for rack-scale AI systems; Sanmina becomes our preferred manufacturing partner. The structure keeps us fabless while adding system-level design capability.