Joanne Feeney

which is where I got my start in the semiconductor industry 20-plus years ago.

And it's a location for collaborative R&D for development of new manufacturing techniques, development of new materials, development of new recipes for designing and building chips.

And all the major players in the industry are there, and it's pre-competitive.

And so for X-Lite and Pat Gelsinger to be doing it there with the support of the federal government sort of –

enhances this model of get some public support for a technology that can be spread and help the industry, broadly speaking, and does go towards this effort to enable more chip equipment design and manufacturing to eventually occur in the United States.

It's going to take a long time.

These programs, as I was involved with back in the early 2000s, they take many years, but it's a great way for the U.S.

to subsidize a general technology, which could ultimately help the U.S.

position in equipment manufacturing.

Yeah, good morning, Ed.

We're seeing all of that from AMD.

And let's start with the old boring part of AMD, right?

The PC CPUs, the standard server CPUs, where they're clearly continuing to gain share versus Intel.

And that's a good cash generator for the company.

So we shouldn't dismiss that acceleration that we saw there, that success that they're continuing to deliver in terms of share gains there.

Obviously, a lot of investors are still focused pretty much on the AI opportunity.

And what's interesting there is that they've just gotten started.

They've only now developed solutions for those accelerators that meet the quality for inference, for example, potentially for training that NVIDIA has.

In the past, when we've seen AMD leapfrog Intel back in the old days, they gained an enormous amount of share.

We saw that again this time around.