Non‑GAAP gross margin was 66.0% in the quarter, down 260 bps YoY, and non‑GAAP product gross margin was 64.3%, down 330 bps. The same AI wave that grew the order book pressured margin. Our CFO says the bigger factor is mix — hardware revenue grew roughly 30% while software was about flat, tilting the blend toward lower‑margin hardware — and we’re also seeing unprecedented memory pricing as the