Gary Smith

As I said to you earlier, it's a very simple structure.

As I said to you earlier, it's a very simple structure.

As I said to you earlier, it's a very simple structure.

No, I mean, it's basically the journey that we're on and, you know, we've made multiple acquisitions, you know, but really it's all been about, you know, the core mission, which is really high speed connectivity. And, you know, what are the things that we need around that? A lot of the acquisitions have been around vertical integration of that. So we have more control over it.

No, I mean, it's basically the journey that we're on and, you know, we've made multiple acquisitions, you know, but really it's all been about, you know, the core mission, which is really high speed connectivity. And, you know, what are the things that we need around that? A lot of the acquisitions have been around vertical integration of that. So we have more control over it.

No, I mean, it's basically the journey that we're on and, you know, we've made multiple acquisitions, you know, but really it's all been about, you know, the core mission, which is really high speed connectivity. And, you know, what are the things that we need around that? A lot of the acquisitions have been around vertical integration of that. So we have more control over it.

It's not just the core technology, but it's the things around it that you need to do. Most of those things were where we could focus and we think provide competitive advantage by doing something to it, the surrounding technologies. And so over the years, we've worked very carefully at acquisitions and organic developments that make us vertically integrated so we can control that. And it's not...

It's not just the core technology, but it's the things around it that you need to do. Most of those things were where we could focus and we think provide competitive advantage by doing something to it, the surrounding technologies. And so over the years, we've worked very carefully at acquisitions and organic developments that make us vertically integrated so we can control that. And it's not...

It's not just the core technology, but it's the things around it that you need to do. Most of those things were where we could focus and we think provide competitive advantage by doing something to it, the surrounding technologies. And so over the years, we've worked very carefully at acquisitions and organic developments that make us vertically integrated so we can control that. And it's not...

you know, there's advantages to control and scale, but what really drove us was the fact that we think we can, you know, put competitive advantage in each of those technologies that we gather around the core technology, if that makes sense.

you know, there's advantages to control and scale, but what really drove us was the fact that we think we can, you know, put competitive advantage in each of those technologies that we gather around the core technology, if that makes sense.

you know, there's advantages to control and scale, but what really drove us was the fact that we think we can, you know, put competitive advantage in each of those technologies that we gather around the core technology, if that makes sense.

No. I mean, basically, it's this technology, the actual variant that we focus on is the coherent technology, and that's what has enabled this DWDM to scale so much. But there are other technologies around it as well that we've developed, like the SERDES, which is the serializer, deserializer, and those kinds of things, which is the analog conversion. which is incredibly difficult to do.

No. I mean, basically, it's this technology, the actual variant that we focus on is the coherent technology, and that's what has enabled this DWDM to scale so much. But there are other technologies around it as well that we've developed, like the SERDES, which is the serializer, deserializer, and those kinds of things, which is the analog conversion. which is incredibly difficult to do.

No. I mean, basically, it's this technology, the actual variant that we focus on is the coherent technology, and that's what has enabled this DWDM to scale so much. But there are other technologies around it as well that we've developed, like the SERDES, which is the serializer, deserializer, and those kinds of things, which is the analog conversion. which is incredibly difficult to do.

And we've got some of the best technology in the world around that. So it's the moat that you put around that. But it's not the next thing. We think this has a lot of headroom. And particularly, this technology is all deployed right now. Think about it outside the data center. So as soon as it presents to want to come outside the data center, that's Siena.

And we've got some of the best technology in the world around that. So it's the moat that you put around that. But it's not the next thing. We think this has a lot of headroom. And particularly, this technology is all deployed right now. Think about it outside the data center. So as soon as it presents to want to come outside the data center, that's Siena.

And we've got some of the best technology in the world around that. So it's the moat that you put around that. But it's not the next thing. We think this has a lot of headroom. And particularly, this technology is all deployed right now. Think about it outside the data center. So as soon as it presents to want to come outside the data center, that's Siena.

The opportunity with the same kind of technology that we've got is now becoming apparent in the campus, which is these campuses are getting super big now. And then eventually inside the data center, because you think about the GPU and the compute investment that's going on, that requires higher and higher speed over longer and longer distances. Even in some of these data centers,

The opportunity with the same kind of technology that we've got is now becoming apparent in the campus, which is these campuses are getting super big now. And then eventually inside the data center, because you think about the GPU and the compute investment that's going on, that requires higher and higher speed over longer and longer distances. Even in some of these data centers,