Antoine Chkaiban: Thank you.
Operator: Your next question comes from the line of Samik Chatterjee with JPMorgan. Your line is open.
Samik Chatterjee: Yes. Hi. Thanks for taking my question. If you don’t mind, can we just dive in – dig a bit deeper into the inventory number, I think getting a few questions on that. Obviously, a material step-up in the inventory in the quarter, particularly as you mentioned lead times for your products in now six months, do we sort of conclude that your lead times will take a step function down if you have this much inventory at this point? And a fleet, if your visibility into demand is starting to come in a bit, why, sort of maybe help me about why the inventory continues to, sort of move up higher from here rather than sort of start to come down in-line with your visibility into demand? Thank you.
Ita Brennan: Hi, Samik. This is Ita. When you think about the purchase commitments that we have and that we made some time ago, right? We’re going to have to continue to work through those as we go through the rest of this year, particularly on some key components there were long lead times We had to place commitment for, kind of this year well earlier last year in order to secure those that supply. So, those components will continue to come into inventory and obviously they’ll go out of inventory, as well as we build products, etcetera. So, we have a healthy deployment pipeline in front of us on the system side, but we are still going to gather components based on when those purchase commitments were made on the timing of those purchase commitments.
So, if you look at the total of inventory plus purchase commitments, it came down in excess of 400 million this quarter. We will continue to, kind of work that down over time, but you will see the shift from purchase commitments into inventory parts and then obviously we’ll sell that inventory.
Jayshree Ullal: And Samik just to add to, you know, we’re not managing the business as just in time inventory. As Ita said, we have 72-week lead time still on many of our components even with the supply chain improvements. So, we have to plan ahead, and if we want to get products to our customers in 6 to 12 months, assume a position on the inventory, and especially do so on common components where we feel confident that there is demand and we will continue to fulfill that demand this year and next year.
Samik Chatterjee: Thank you. Thanks for taking my question.
Jayshree Ullal: Thanks, Samik.
Operator: Your next question comes from the line of David Vogt with UBS. Your line is open.
David Vogt: Great. Thank you guys for taking my question. I just want to follow-up, basically on the question on AI inventories and sort of revenue growth expectations for the second half. So, if I’m hearing you correctly, it sounds like you think given tough comps and sort of spending patterns from the Titan Group it’s going to come down, bring revenue growth down to about 15% in the second half on a year-over-year basis. And yet, as you just mentioned, inventory still need to come down. So, how do we square that with, sort of the optimism in the marketplace that looks like you took your TAM up from about 40 billion to about 50 billion for data center and campus in the deck. I’m just trying to square the deceleration that you’re talking about versus, sort of the expanded TAM that you’re also, kind of highlighting in the deck? Thanks.
