Ian King

They have to be working, you know, maximum efficiency.

If that's not the case, then that obviously hurts your

you know, your sales pitch to outside customers.

Yeah, I mean, this is him sticking to a line of kind of reasoning, which I think resonated initially with shareholders and then caused a little bit of concern.

Basically, he's saying, look, this is really expensive.

Building these factories and equipping them costs a fortune.

I am not going to do that until my customers say, here's an order that I can then turn into cash that pays for these factories.

So that's a very logical sort of down-to-earth

pragmatic sort of viewpoint, saying that he'll know for sure whether he's going to get concrete orders or not in the second half of this year and into the first half of next year.

So from the Wall Street perspective, that's like we're still in the kind of wait and see period in terms of whether Intel can become this kind of foundry, this rival to TSMC.

Yeah, I mean, fundamentally here, all our audience care about is, are we in a bubble or not?

And they just want any piece of information, any hint to explain why we're not.

And obviously, what he was saying was, there's lots of things going on.

There's new models.

There's new areas of the economy that are coming into AI.

And all of this means that demand is actually better than I thought it was.

So that number is looking like it's a bit low.

So that was good news, but nobody got that excited about it.

I mean, as always with the memory chip industry, you either got a feast or a famine at the moment.

We're in a famine when we're in a famine.