Rene Haas

Yeah, good morning, good morning, Ed.

So first off, the quarter was amazing for us.

We had not only record revenue, but record royalties, 1.24 billion in revenue, nearly $740 million in royalties.

And if you just stack that up, that's 27% year on year.

Our data center business is exploding.

We're up 100% year on year, probably north of 100% year on year.

So to your question, no, the memory situation isn't really impacting ARM so directly.

And you might ask, well, why is that?

Well, number one, we are spread across a lot of different businesses.

As I said, the data center business is increasingly growing for us.

And we think in a few years, it'll be our largest business.

Secondly, our products are used across the board.

So what we tend to see in memory shortages is the bottom end of the stack starts to get impacted.

And that's actually lower royalty rates for us.

So as a result, we don't get impacted very much.

So no, short answer is no impact this quarter.

And we raised our guidance for the next quarter because, as I said, we're just not seeing that kind of impact.

But I'm not denying that it's there.

But for the arm business, the impact is quite minimal.

It's very clear, and that's why in the earnings call I said in a few years.