Unknown Analyst

All right. Good morning. Welcome to our -- the second day of our 54th Annual TMT Conference. Really excited to be joined by Steve Sanghi and Eric Bjornholt from Microchip. Gentlemen, thank you so much for being here with us today.

Steve Sanghi
CEO, President & Chair of the Board

Thank you.

Unknown Analyst

Steve, we had a really interesting discussion at dinner last night, I think, about why -- how unique this past cycle was. And it feels like we're coming out of it and we can finally maybe stop talking about it.

But as we reflect on, again, coming out of the cycle and things sort of normalizing, what were things that you think is different about this cycle and perhaps are going to change for the industry going forward as we think about future balance between secular and cyclical growth?

Steve Sanghi
CEO, President & Chair of the Board

So I think the post-COVID cycle was an extremely unique cycle. Prior cycles were driven by like we had a PC cycle years ago, we had a cell phone cycle. We had an Internet cycle. So there have been various different cycles and semiconductor inventory cycles. But the last cycle just was so extreme where artificial demand became so high and it turned out at the end that a lot of the demand that the customers asked for were not real.

And when the customers' business came down, it created a