Samik Chatterjee
JPMorgan Chase & Co, Research Division

Good morning, everyone. Thank you for being here. I'm Samik Chatterjee, and I cover the hardware and networking companies at JPMorgan. As you all get settled, I'll just introduce the next speaker here. So here for the next fireside chat is Dr. Dave Mosley, Chief Executive Officer of Seagate.

Dave, thank you for being here. Thank you to the audience as well.

Samik Chatterjee
JPMorgan Chase & Co, Research Division

Maybe Dave, I'll start you off with a question that's more broader, more longer term. You've been at Seagate for nearly 3 decades, CEO since 2017. When you look at the storage industry today versus prior cycles, what is structurally different about the demand profile? I know everyone wants to say this time it's different, but what do you think investors are still underappreciating about this current cycle that we're in?

William Mosley
CEO & Chairman

Thanks, Samik. A couple of things, forward-looking statements, risk factors are on our website, get that out of the way. Yes, it's been a long road for me and for our teams as well. And I don't look at it as small cycles because I think everyone is different. The last downside we went through was profoundly different, but created by its own unique situations. I look at it more as a macro cycle.

I mean, from my perspective, data is always growing underneath everything. But our industry went through an enormous build-out period through the client server days. Up until peaking about 2012, for reference, we