Thank you for the mention. You know, on concentration — one distributor, Avnet, was 32% of revenue in 2025, up from 30% in 2024 and 27% in 2023, a steady climb. Three distributors each over 10%, 81% through the channel. Roughly 98% of revenue outside the U.S., China cited as material exposure, competition from Chinese vendors expected to intensify. Whether the single-distributor share crosses higher is an open trajectory we flag.

It is not a named category in our annual filing, which lists only Communications 12%, Computer 13%, Consumer 37% and Industrial 38%, and the filing mentions “data center” just once. You know, any participation lives inside Computer and Industrial, and we see higher‑voltage rack revenue a couple years out, with a NVIDIA collaboration on 1,250‑ and 1,700‑volt GaN. Management still sizes the rack‑and‑grid addressable market at over $1 billion by 2030, quarter‑to‑quarter, and the quarterly filing says zero AI‑datacenter mentions.

Look, in Q1 FY2026 capex was $22 million — roughly 1.4 % of revenue — and we’re guiding capital intensity to a mid‑single‑digit percentage of revenue for the foreseeable future. Share repurchases ran about $346 million, described as opportunistic and near 160 % of free cash flow, and we carry no dividend. We also began exiting non‑core revenue, about $50 million this quarter with $30‑$40 million more expected next quarter, a posture you can think of as a scale incumbent repurchasing and rationalizing rather than expanding capacity while volumes recover.

Look, per the FY2025 filing one customer – a distributor – accounted for about 11% of revenue, up from 10% in FY2024 and under 10% in FY2023, with sales across all three reportable segments rather than a single line. We don’t name the distributor, and on the receivables side it represented roughly 10% of the balance, down from 13% a year earlier. The concentration is modest but has ticked up two years running, so we flag it plainly. An independent view estimates we hold roughly an 8.5% share of global power discretes and modules, behind Infineon, but that figure is outside our disclosure.

Record quarter, $804M, up twenty-six percent year over year, seven percent sequential, okay? Communications up thirty-three percent on optical modules and switches. Gross margin fifty-five-five, flat fourth quarter, low end of the model. Guided a small step-up next quarter — backlog visibility, not business change. CEO drew the line: no false hope we jump high. That's not MPS. Full year twenty-seven-nine, up twenty-six-four. Cautious on the back half. We win the socket. Design wins turn into revenue. Plus minus a year.