Ed Ludlow

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Absolutely.

I mean, it is like no other because we've been through the pandemic, we've been through a really volatile year just now, like with the tariffs, and we still didn't see a drop like this, right?

So this is a completely different situation.

And essentially, there is just not enough memory for the players that need it.

And given that how many different products we need memory in, right?

So that's what's essentially creating the crunch.

But more importantly, it's not just about the drop now and then the market will recover.

It's about

What makes this really different and much more dire for the industry is how this is going to create a permanent change, a structural reset of the entire industry, both in terms of TAM.

So just this year, we're looking at about 160 million units wiped off the market.

But even when it starts to recover, which, as of our assumptions,

the situation would stabilize somewhat mid-27 and we're starting to go in positive growth territory.

But you're still looking at close to 160 million off the TAM.

So throughout our forecast, we're not expecting the TAM to get back to prior 2025 levels.

So essentially, and the reason for the drop is how the change in the competitive landscape is going to, you know, the impact that that's going to take.

So where is that $160 million coming from?