Harlan Sur
JPMorgan Chase & Co, Research Division

All right. Good afternoon, and welcome to the second day of JPMorgan's 54th Annual Technology Media Communications Conference. My name is Harlan Sur. I'm the semiconductor capital equipment analyst for the firm. Very pleased to have Sam Franklin, Chief Financial Officer at GLOBALFOUNDRIES. For those of you that don't know, GLOBALFOUNDRIES is the fourth largest semiconductor foundry in the world. Leader in specialty and mature manufacturing technologies, targeted segments such as analog, power management, RF, wireless, wired networking, connectivity, compound semiconductors, advanced packaging, silicon photonics targeting end markets like data center, comms infrastructure, mobile, IoT, automotive and industrial markets.

And also a growing portfolio of compute related intellectual property and capabilities to support their customers' efforts in the fast-growing areas of Edge AI and physical AI. So the team reported solid results, constructive guidance last week also held an Analyst Day, which we'll be talking about. So Sam, thank you for joining us this afternoon.

Sam Franklin
Chief Financial Officer

Thanks, Harlan. Please to be here.

Harlan Sur
JPMorgan Chase & Co, Research Division

So let's start off with the Analyst Day and when you and the team built the financial long-term model that you laid out last week, what was the single most important shift in the GF narrative you wanted to crystallize and send a message to the market.

And second, from an outsider perspective, and the obvious question is whether the current business strength is structural or partly cyclical. And