Ananda Baruah: Yes. Good morning guys and thank you for taking the question. Yes. Just a couple if I could as well. I mean I guess just sticking with Datacom chips and lasers. Is it – I guess you have been trying to frame for myself how meaningful this could become as a part of your business. And I think I would just sort of clarify this, correct me if I am wrong. I believe that on the company’s sort of prior rev, let’s say, believe 12 months ago before things really started – before the hyperscales really started to work down their inventory, the run rates at which you were thinking could occur back then, which I think got to the kind of 240, 250, 260 level annually, would sort of suggest if you could still achieve those, if you have more of the tailwinds on the current run rates, you could begin to see sort of 15%, 16% of the company, once achieved, the beyond – and I think those are primary EMLs. Now, you have what’s going on Gen AI related, you are doing some new VCSEL work.
And I know a bunch of the CTs down let’s say, but the CW laser were talking about InfiniBand laser work as well. Could we be in a situation in eight quarters where like 20% of the company is Gen AI Datacom chip laser related? And I just have quick follow-up after that. Let me get your thoughts there. Thanks.
Alan Lowe: Yes. Good question, I think it depends on how fast the other parts of our business grows. But I think your numbers are not too far off. I would say that we have gone down significantly over the last year from a Datacom revenue standpoint, both from the standpoint of unit shipments are way down, and average prices have gone down in this past year, so we are in the midst of growing that. I would say that certainly within the next eight quarters, could we get back to the kind of 240 to 260 annually, yes, absolutely. And I think we are putting capacity in place to do that. We have capacity. As you remember, 3 years ago, we have been continuing to add capacity. We are in the midst of going to larger wafers to address the demand we have seen in the long-term. So, that certainly could be a significant growth driver from where we are today.
Ananda Baruah: Yes, Alan, that’s really helpful. And I guess the quick follow-up is, like longer term, what’s your view on sort of NeoPhotonics ZR technologies’ role in data center for AI related at all? And that’s it for me. Thanks.
Alan Lowe: Yes. We are very, very happy with the acquisition of NeoPhotonics and the technology and the team that came along with that. I would say that there was a buildup of inventory of ZR and ZR modules at certain hyperscalers. I think that, that is being consumed, and we are starting to see signs of life, frankly, of hyperscalers needing more ZR modules. We are also providing a lot of the components to go into the world’s ZR market. And so from that perspective, we are happy with the whole AI-driven data center demand. But also data center to data center, there is a lot of bandwidth going between them. So, I don’t know, Chris, any other thoughts?
Chris Coldren: Yes. I mean I think that one of the thesis of the acquisition with regard to ZR was that we would provide a sort of stronger company, if you will, to give customers confidence. And that certainly is bearing out. Unfortunately, as Alan highlighted, that the acquisition closed at about the point where they also realized they had a lot of inventory. So, now that inventory is beginning to clear at hyperscalers, we do expect ZR to be one of the products that recovers earlier in our Telecom portfolio. And then with the level of vertical integration we have, customers are very excited about us as a supplier because they view us as being able to both evolve, obviously, from a cost and volume standpoint given our vertical integration, but also lead the transition to 800-gig and next-generation solutions that follow on beyond the current 400-gig products.
