Quinn Bolton: Got it. Okay. So it’s pretty broad-based across both. The follow-up question is just you mentioned 51.2 terabit switch and starting to sample. Just as you look out to calendar ’24, fiscal ’25, do you see that starting to get deployed at the U.S. hyperscaler partners?
Matt Murphy: Yes, I think we’ll have some contribution from that product area next year. The bigger ramp is a little bit further out. But very pleased, I’d say, with the open funnel on that technology. I’m very happy with the team. I mean this — the architecture and the key pieces of that initially came from Innovium, right, which is a company we acquired in 2021. But the thing that we did upfront is we put it on the Marvell 5-nanometer design flow using our SerDes, our IP platform, our new product development process. So you kind of got the best of both worlds and teams executed extremely well on the chip. And as a result, it’s giving customers confidence we can really be there for them not only on the feature set, including very, very low latency and in the right power envelope, but also being able to manufacture for high volume, which is no small task on these effectively reticle buster type switches or type products.
So we’ll see how it goes, Quinn, but pipeline is strong. This is going to be a big upgrade cycle for the industry. And I think it’s going to be overall positive for the people that are in that ecosystem.
Quinn Bolton: Thank you.
Matt Murphy: I think we’ll do one — perfect, Quinn. And I think we’ll do, Gary, one more question, and then we can wrap it.
Operator: And that question will be from Gary Mobley with Wells Fargo Securities. Please go ahead.
Gary Mobley: Hey, guys. Thanks for taking my question. I don’t think there’s been a mention so far the influence on an extra week in the fourth quarter. Matt, I want to verify your expectation of sequential revenue growth in the fourth quarter. Is that independent of the extra week or inclusive of the extra week? And Willem, the target of OpEx for the fourth quarter, I think you said $430 million with the extra week. Is that still the target?
Willem Meintjes: That’s correct.
Matt Murphy: Okay. Willem, you want to go? Then, I’ll go.
Willem Meintjes: Yeah, sure. Yeah, just on the OpEx, that’s correct, Gary. So for the 13 weeks normalized, we said $420 million. And so, for the full 14 weeks, we guided $430 million. So you’ve got the correct number.
Matt Murphy: Yeah. And then on the revenue side, Gary, it’s been my experience doing this for a long time and having the famous 14-week quarter roll through, it’s — I think the best practice I found is, you end up really not getting the extra revenue per se, but you got to obviously count the expenses. So that’s sort of the way to think about it. So, we don’t — we’re not saying, hey, because Q4 is 14 weeks, we’re going to have some better growth than we would have. I think it’s just — that’s kind of what the market is doing. So the — and then Willem gave you sort of the run rate on OpEx. If you look at it, netting out what 13 weeks would have been, which is about $420 million.
Gary Mobley: Got it. Thanks, again, guys.
Matt Murphy: Yeah.
Operator: This concludes our question-and-answer session. Thank you for attending today’s presentation. You may now disconnect.
