Pierre Ferragou

This is like CapEx.

And you see that we expect CapEx to grow a lot this year, a lot next year.

And as we are not too sure, we don't model much beyond that.

This is a leading indicator.

Now, what is going to drive the business of ASML is how much incremental capex you add every year.

And what you see very clearly is that this incremental capex is now plateauing and coming down.

And that's the reason why in semi-cap equipment, you have to be careful and expect a significant slowdown in revenue growth.

For the rest of the industry, CapEx growth is a very, very good indicator.

And then Texas Instruments is actually a very interesting indicator.

That is the most important indicator today outside of AI.

Because it's quite important to understand what is the global economy doing outside of AI.

And we've been into like...

A very, very painful, lengthy down cycle in automatives, in industrials, and what TSMC said, it confirmed signals that we've had already for a few weeks that we are at the bottom and things are improving.

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