Look, onsemi's FY2025 was a deep cyclical trough. Net revenue was $5,995.4 million, down about 15% from $7,082.3 million, and total gross margin fell to 33.1% from 45.4%. The compression was concentrated: Power Solutions margin fell roughly 2,250 bps over two years to 24.5% and Intelligent Sensing about 3,360 bps to 15.1%, while Analog and Mixed‑Signal rose about 460 bps to 51.1%.