Wajid Ali: Well, no, not all of it because if you take a look at our inventory turns, it doesn’t turn that fast. So, yes, some of it will flow through into – that already flowed through our fiscal Q4, and then some of it will flow through our Q1. A lot of it is very product level dependent. So, like Alan said, in Sagamihara where our Datacom chips are produced, that inventory is turning very fast. So, as the finished goods are coming out, it’s being shipped. But at our Rose Orchard facility, where we have internal wafer fabrication, that’s moving a little bit more slowly and as well as what we have got in Thailand, that’s built up for lasers as well. So, it is a little bit dependent. And because BOM costs are lower on Datacom chips, the impact at a consolidated level doesn’t show up as well as it does when you take a look at by BU inventory turns.
George Notter: Got it. Thank you very much.
Kathy Ta: Thanks George.
Operator: Your next question comes from the line of Michael Genovese from Rosenblatt. Please go ahead.
Michael Genovese: Hi, great. Thanks. I want to dig in on this guidance for Telecom and Datacom to be up for the year, I guess my – in fiscal ‘24. My first question is, is that more of a Datacom comments that Datacom will be way up, or are we seeing that Telecom will also be up as well year-over-year?
Alan Lowe: Yes, Michael, I think what we said was that calendar ‘24 would be up from calendar ‘23 given that we believe the next two quarters of Telecom shipments are going to be depressed given the inventory reductions that are happening at our customers and at the end customers. So, not fiscal year-over-year, I would say calendar year, we are pretty confident that Telecom will be up in calendar ‘24 from calendar ‘23. That said, again, I would say Datacom is going to grow sequentially each quarter between now and the end of calendar ‘24.
Michael Genovese: Okay. That makes sense. That’s a calendar comment and thanks for that clarrification. And I guess my other question is, when I look at the Datacom 800G and above AI opportunity, you guys are in EMLs and it looks like they are trying to prioritizing VCSELs as well, I guess my question is, are there any other parts of the Datacom market now with this improvement? I am not [Technical Difficulty]
Alan Lowe: Sorry, Michael, we couldn’t hear your last question. I think the question though was around are there any other parts other than EMLs and VCSELs that are showing signs of demand growth? Is that your question, or have we lost you?
Michael Genovese: Yes. I am sorry, here. I hope this is bad.
Operator: Mr. Genovese has disconnected. Is it okay to proceed to the next question?
Alan Lowe: Yes. Maybe we will try to answer the question if we understood it right, and we can talk about different kinds of lasers, CW lasers and such, Chris?
Chris Coldren: Yes. Certainly, our focus is on serving a hyperscale cloud market, primarily to our transceiver customers that we supply to also certainly supply into the enterprise end markets. So, again, supplying EMLs as the largest product line, and that’s primarily playing now into the transition to 800 gig. And we will also have 200-gig per lane EMLs coming up in calendar ‘24 ramping, and that’s for either a next generation of 800-gig transceivers and then the eventual transition to 1.6 terabits per second. We highlighted the VCSELs ramping so that we have a broader product portfolio as well as CW lasers to intersect the 800-gig and 1.6-terabit silicon photonic based approaches.
Alan Lowe: Yes. Just the only other thing is we are providing a series of different types of lasers to address the antenna band as well.
Kathy Ta: Okay. We will take the next question.
Operator: Your next question comes from the line of Ananda Baruah from Loop Capital. Please go ahead.
