“We have seen over the years on a long-term basis, an expansion of gross margin on a consolidated basis for semiconductors that ranges from 50 to maybe 150 basis points on an annual basis.”

In context

“put it this way, a shortage of supply to demand. There was accelerated adoption of a lot of products, accelerated adoption. So we benefited, among other things, not just revenue, as I indicated, we benefited from gross margin expansion across the board as a higher percentage of our products out there gets adopted into the next-generation faster. We pass this. There is probably some slowdown in the adoption rate. And so gross margin expansion might actually not expand as fast. But it will work itself out over time. And I've always told you guys, the model this company has seen and is it's empirical, but based on this underlying basic economics, it's simply that when we have the broad range of products we have and each of them a different product life cycle of upgrading and next generation. We have seen over the years on a long-term basis, an expansion of gross margin on a consolidated basis for semiconductors that ranges from 50 to maybe 150 basis points on an annual basis. And that's a long-term basis. In between, of course, you've seen numbers that go over to 200 basis points. That happened in 2022. And so now later, you have to offset that with years where gross margin expansion might be much less like 50. And I think with that the process, you will see us go through on an ongoing basis. Karl Ackerman: Thank you. Operator: Thank you. One moment for our next question. That will come from the line of Harsh Kumar with Piper Sandler. Your line is open. Harsh Kumar: Yes, Hock. So congratulations on our textbook soft landing. I mean it's perfectly executed. I had a question, I guess, more so on the takeoff timing. You've got a lead time that is about 1 year for your -- most of your product lines. So I suppose you see visibility a year out. The question really i”