Fundamentally, the licensing leg rests on trade cases still in flight. A second case is under investigation with a final determination expected in 2027 that we expect will produce a second exclusion order — and the CEO hinted at a third, 'there is no two without three.' Royalties are described as very high margin; the vision is that hyperscalers and equipment makers largely become licensees. To be clear, guidance assumes no new licensing agreements until that 2027 determination. Whether the enforcement campaign keeps succeeding is the unresolved question the licensing story turns on.