Woojin Ho

Yeah, hey, Ed.

So really quickly, what Cisco is is the leading global provider of networking equipment for corporate as well as for data centers.

And they've actually had a foray into cloud data centers to help power some of the AI workloads.

Now, what happened last quarter, they got the AI orders momentum and drove a lot of the upside on sales.

But the gross margin issue, especially given from the DRAM pricing, is a lot bigger than we had thought.

Yeah, so we did the math for the third quarter.

There's about 200 basis point product erosion on gross margin.

But when we look at the fourth quarter, they're able to stabilize that.

Now, if we think about 2027, they actually have a fairly sizable software business.

And if software really starts ramping up, we could start seeing some gross margin stability in 2027.