...A. The second of those is 30- and 60-terabyte class enterprise SSD optimized for building a fast data lake for the AI ingestion and preprocessing activities. B. So the NAND industry, for a long time, has operated under a pretty simple investment idea, which is, if we target an aspirational bit growth rate, 30% is the number that the industry is centered on, and we build to that growth rate, that the demand will be there and the applications will soak up that demand. C. If you look at the NAND industry from 2018 and prior, what you're going to see is about 20% operating income, so a nicely profitable industry. D. And what you can see here is the capital spending averaged $6 billion a year, $5 billion, $7 billion, $8 billion was the range. E. We moved to, on average, $17 billion, so 3 times as much capital. F. We even peaked out at $20 billion there of capital, so we put 3 times as much capital in the system. G. On the demand side, right when this transition was happening, we saw a massive...
