Harlan Sur
JPMorgan Chase & Co, Research Division

Good morning, and welcome to the second day of JPMorgan's 54th Annual Technology, Media and Communications Conference. My name is Harlan Sur. I'm the semiconductor and semiconductor capital equipment analyst for the firm. Very pleased to have Bren Higgins, Executive Vice President and Chief Financial Officer of KLA here with us today.

I've asked Bren to start us off with KLA's view of the wafer equipment, process control, advanced packaging equipment spending environment this year and next year, KLA's growth outlook within that, and then we'll go ahead and kick off the Q&A. So Bren, thank you very much for joining us this morning.

Bren Higgins
Executive VP & CFO

Harlan, thank you for having me. Good to be here. So maybe I'll just level set a little bit from some of the themes coming out of earnings and our recent Investor Day that we had on March 12. Certainly, it feels like that was a long time ago given some of the momentum that we continue to experience in the industry, even though it was only several weeks ago.

But certainly, 2026 is setting up to be a very constructive year with increasing momentum in the industry and in our business. We talked about an environment of spending for wafer equipment that was roughly $140 billion plus for this year. And as we come out of the reporting cycle and also just fueled by some of the engagement we've had with customers as we look to the second half of the year, it feels