Antonio Neri

Look, in Q4, we posted a record profitable quarter where we saw revenue growing 14% and profit growing faster at 26%.

And that allows us to exceed both EPS and free cash flow guidance.

So capping a very strong year.

But on the AI front,

We continue to see strong demand.

We booked another $2 billion in orders.

More than 60% of our orders are in sovereign and enterprise.

And as you stated, there were a couple of deals that slipped into 2026.

One of them was for data center readiness.

It was slightly delayed.

And two were because of the US government shutdown.

We couldn't deliver the system and get it accepted.

But in general, sovereign are longer, right?

Longer sell cycle, longer acceptance cycles.

But we are intentional on that because, you know, we focus on profitable growth in AI.

And now we have a backlog, which is over $4.7 billion.

So ultimately, it can be data center.

It can be also customer speak in different technologies like Vera and Rubin and maybe waiting for AMD.

But the reality is that there is more back-end loaded.

That's why we got it a year the way we did it.