John Forsyth: Sure. On the former bit, I would stop short of talking about any catch up with other customers. We’re excited about the sockets we’re in for sure. But given the macro uncertainty, it’s hard to €“ and some of this softness that we’ve seen in the general market that Venk alluded to, it’s hard to be sure how that’s likely to play out. On the supply side, we have for sure seen some easing up in certain areas, which has been beneficial to us and has certainly helped us plan to meet some of the commitments and content growth that we see ahead of us. But in some key areas of our business, especially around our high voltage products we are still supply constrained and that’s in terms of absolute wafers and capacity for certain technologies that new forthcoming HPMS products from us depend upon. So to that extent, we still see as we look forward through the coming quarters that we have a lot of work to do on the supply side to meet the potential demand.
Operator: Your next question comes from the line of Raji Gill with Needham & Company. Your line is now open.
Raji Gill: Yes. Thank you and congrats on really good results. Just a question outside of the smartphone market, particularly around the laptop traction that you’re seeing. I think in the past you talked about the content for laptops estimated to start around $1.50 between the audio amps and the haptic drivers and the Kodaks. I’m wondering how you’re kind of seeing both the unit penetration and kind of ASP kind of mix within that market. And you also talked about the opportunity to utilize your fast charging IP on both sides of the battery. And so I think this is an important part of the story, the diversification story outside of mobile. So just any thoughts on that market as you progress there?
John Forsyth: Yes. Thanks, Raji. And thanks for the nice comment. I think the way to think about the overall opportunity in the PC market or the laptop market for us, which is where we’re really focused within PCs, is of the SAM growth in the coming years, which we anticipate getting to over $1 billion by 2026. And that’s going to be fueled by both an expansion of the audio SAM and the HPMS SAM. The HPMS SAM includes both haptics and then the power devices that you referred to. So there are some different categories of power devices, some in charging, some elsewhere in power conversion within the laptops. But we do see good opportunity there. And I mentioned in the €“ or we mentioned in the letter that we have tapped out during the quarter, our first laptop focused power part.
So it’s very early days for that. I think, it’s going to be something where we start seeing the impact of that in calendar 2024. But we’re very excited about that. And on the audio side, that makes up the bulk of the SAM growth. So about two thirds of that 1 billion plus SAM is audio and about one third HPMS. But the audio side really represents a more immediate opportunity to us given, hey, where we are with products, where we’ve got existing products and new generation products and the fact that there is real immediate demand for significant improvement in laptop audio. And when you’ve heard laptops that incorporate our technologies, they absolutely blow the competition away. And I know that anybody that used a laptop for audio in the past five years will say that’s fairly low bar to clear.
But it really is a game changer what we can deliver in audio in that category. So we see that as being the bulk of the opportunity in the immediate term.
