“I think the inventory correction is still ongoing, but I do expect that to start to recover, I cannot predict the quarter because usually when we see it, we call it.”

In context

“your question, look, the -- we talked about three markets that are already in the midst of a cyclical recovery. I think they are not done yet, but they are pointing in the right directions. That's Personal Electronics, Enterprise Systems and Communication System for us coming from a very low trough, but showing momentum and I think that we are in the process of strengthening. Unfortunately, these markets were about 25% of our revenue in 2023 and in our case, we really need the broad industrial market and the automotive market to join, okay. So if I go to industrial first, revenue peaked in the third quarter of 2022. We've seen eight quarters of decline. We are more than 30% down versus the peak. So I don't think we -- I hope and I can't predict it. I don't think we have a lot left, okay? I think the inventory correction is still ongoing, but I do expect that to start to recover, I cannot predict the quarter because usually when we see it, we call it. I will just say we haven't seen it yet and it's been quite persistent, okay. That's on the industrial side and I can go even into the sectors, most of the sectors are showing either still searching for a bottom or hovering at a very low level, okay. So it's about time, but we haven't seen it yet. On the automotive market, I think it's more complex because this is where we see a different story between China and the rest of the market. Unfortunately, China is about 20% of our business, so it cannot move the overall automotive number for the company. But I think as I mentioned before, we are right now at a lower-single digit versus the peak kind of hovering it at minus -- sorry, not lower-single digit, I would say upper-single digit, but somewhere between 5% to 10% versus the peak on automo”