This year, I think I rattled off 4 different variants, and there’s a transition associated with that. Some customers will more rapidly move to that than others. We have to manage through that, and it’s reflected in our pipeline and our pipeline conversion, and ultimately, our backlog and what we call inside the company are our delivery date schedules of what commitments we’ve made to different customers. We understand that. We know when we need the parts, we work through that. This easily continues next year. Obviously, any line of sight to changes that we’re excited about what’s happening with the H200 and its performance improvement. We’re excited about what happens at the B100 and the B200, and we think that’s where there’s actually another opportunity to distinguish engineering confidence.
Our characterization in the thermal side, you really don’t need direct liquid cooling to get to the energy density of 1,000 watts per GPU. That happens next year with the B200. The opportunity for us really to showcase our engineering and how fast we can move and the work that we’ve done as an industry leader to bring our expertise to make liquid cooling perform at scale, whether that’s things in fluid chemistry and performance, our interconnect work, the telemetry we are doing, the power management work we’re doing, it really allows us to be prepared to bring that to the marketplace at scale to take advantage of this incredible computational capacity or intensity or capability that will exist in the marketplace. What I’m excited about is this continues to rapidly move to the enterprise.
This continues to rapidly move to businesses, really using it to drive business outcomes. Again, that’s what we’re in business to do. Our large portfolio, broad portfolio allows, we believe, for us to do that in a very differentiated manner at scale. That’s the opportunity. Someone is kicking in at the desk. I need to mention we got a storage opportunity in there, that we have a networking opportunity in there, and we have a services opportunity in there and to go for the last of the bunch of financing opportunities. So those — how could you not be excited about that given the demand environment?
Rob Williams: All right. Appreciate that question. We’ve got a very tight reporting cycle with some others in the space. And so we’re going to take one last question, and Jeff is going to do a quick close. Appreciate everyone joining.
Operator: We will now take our final question from Michael Ng with Goldman Sachs.
Michael Ng: Hey, good afternoon. Thanks for squeezing me in. I just had a question on the full year guidance. Can you talk about how you’re thinking about the segment margins relative to their respective long-term ranges and any swing factors that may cause performance towards the higher end or the lower end? Thank you.
Yvonne McGill: Sure. Thanks, Michael, for that. We are, as we think through the full year guide, we are, as I talked about, thinking of not only the inflationary component cost environment, but the more competitive environment that we’ve been seeing. We are expecting, we’ve talked about the dilutive rate impact within ISG over our AI-optimized servers. And so, as we play that through, we’re looking to have better performance holistically for at a company level, but I think it will be different by quarter, and especially with the mix we’re seeing from an AI standpoint. Jeff just talked about all of the variants that are at play. And so, expecting, continued or expecting improvement as the year progresses from a margin standpoint, but it’ll be quite dynamic with the component cost environment and the competitive environment.
Jeff Clarke: So with that, let me wrap up the call. We clearly have AI momentum. Whether engineering, services and financing expertise, we are well positioned to continue to grow. And more broadly, we expect to return to growth across ISG and CSG for the year, led by ISG growing in the mid-teens. We’re pretty excited about that. With that comes solid cash generation that you would expect us to return to our shareholders. Thank you for joining us today.
Operator: This concludes today’s conference call. We appreciate your participation. You may disconnect at this time.
