“Yes. I mean, I think the momentum in Test and Measurement is clearly led by semis and aerospace and defense. Both end markets are doing very, very well for us, and frankly, we expect continued momentum across both those sectors, whether it is new space, defense spending, and then certainly on the semi side, the RF and mixed-signal investments that are happening, data center investments.”

In context

“tricity curtailments in parts of Southeast Asia. We have accounted for as much of that as we know today. But very honestly, we have not assumed a significant deterioration in economic conditions or growth, for example, in India or any of the countries in Southeast Asia, that, in a much broader, deeper conflict, would significantly be impacted. Jeffrey Todd Sprague: Right. Understood. And then maybe just a little—if we did not have this war going on, there would probably be a lot more Test and Measurement questions. Maybe just come back to Test and Measurement. The raw numbers you shared with us—growth rates—sound quite encouraging. Anything beneath the surface on verticals or distribution channel that you can share that sheds a little light on the demand profile here? Michael J. Baughman: Yes. I mean, I think the momentum in Test and Measurement is clearly led by semis and aerospace and defense. Both end markets are doing very, very well for us, and frankly, we expect continued momentum across both those sectors, whether it is new space, defense spending, and then certainly on the semi side, the RF and mixed-signal investments that are happening, data center investments. I think there is no surprise there. The weakest segment we have within our Test and Measurement business is the transportation segment, the automotive segment. We believe we have kind of hit bottom, and that will start growing low single digits again. Most of that business is in Europe, and our portfolio business has been resilient. We had a nice run as we came through the recovery mode, but that has stabilized in the mid-single-digit type growth rate. So, on a cumulative fashion, the double-digit for Test and Measurement is sustainable for the next couple of quarters, and we expect that to continue into 2027. Operator: Our next question is from Deane Michael Dray with RBC Capital. Deane Michael Dray: Thank you. Good afternoon, everyone. Surendralal Karsanbhai: Hello, Deane. Deane Michael”