Pierre Ferragou

Yeah, so we're definitely not at peak on AI.

And you look at the TSMC guide to 2029, growth between 55% and 60%.

So we are still in a very high growth environment in AI.

The peak I refer to, Caroline, is a peak in actually capacity increase.

Because if in 2027 you still grow very fast, but a bit slower than 2026,

You will not need more equipment than you needed in 2026.

So this is this idea that

Semicap players are driven by incremental capacity, not by growth directly.

It's a first order derivative of the growth of their clients.

And that's the reason why the market is right to be a bit nervous, specifically on Semicap.

Now when it comes to their clients, like the growth outlook of 426 is amazing.

It's already very strong for 2027.

And it looks really, really good for 2028 and 2029.

So we are still in a very, very, very strong growth environment in AI.

Well, the market is being careful about it.

Because this is going to last for the CEO of ASML might mean we still have very good level of spending in 2027.

But if 2027 is as good as 2026, how is the stock going to work on that?

It's probably not going to work well.

So what's most critically important, Ed, is to connect these data sets rightfully.

I love the chart you just showed.