Mat Murphy: Yes, I think at this point, Karl, you’re right. I mean we — part of the inventory digestion we’re seeing is our PAM products that sell to the optical module guys, and that’s a business where, again, we’re kind of one step back in the supply chain. So, we would see that and we are seeing that and feeling it. When exactly that recovers, which quarter, it’s going to happen in the next few quarters. The question is next — this quarter, next quarter or the quarter after, but it’s in that probably that timeframe because the underlying demand is still strong. And then I think your other question was on — and then, of course, the headwind we face now becomes a tailwind in the second half, if that’s the case. I think your other question, was it on the 400-gig ZR or was it on the 400-gig inside data center PAM–?
Karl Ackerman: Your broader portfolio on 400-gig and 800-gig and I guess, how you think about the upgrade cycle because obviously, softer the market near-term, but how do you think about your portfolio broadly as you think about that upgrade cycle over the next couple of quarters? Thanks.
Mat Murphy: Yes, I mean, we tend to think of the upgrade cycle as quite frankly a multiyear rollout, right? We had a very strong year last year, and it’s a blend of products, right, from 200, 400, 800 inside data center, 400 ZR between data centers and that 1.6T announced. So, I’d say that the demand and the shift to PAM continues at a very strong rate. Again, we have some inventory correction in the first half. That’s more of a module-related issue. And again, the slope of the hyperscale cloud guys revenue growth or CapEx growth kind of dropping, but not declining just not at the same rate of acceleration. So, we think all that works its way through and end consumption continues to grow very strongly last year, this year, and the year after.
Karl Ackerman: Thank you.
Operator: And our next question will come from Quinn Bolton with Needham & Company. Please go ahead.
Quinn Bolton: Hey Matt. I guess one clarification and then one question. The clarification, just you talked about the growth in — driven by AI clusters for high-speed optics. Do you guys — are you impartial to whether those AI clusters are connected through Ethernet or InfiniBand because I think different hyperscalers have different fabrics for those AI clusters? And then my question is, you guys have talked about the growth in PAM. We’ve got the OFC show next week, and I think there’s more talk now about the linear drive modules where you don’t need the DSP or the DSPs and other parts of the line card. I’m just kind of curious if you could address — do you see any threat from direct driver, linear drive modules going forward to that PAM4 business? Thanks.
Mat Murphy: Sure. Yes. No. So, it’s an exciting time for optics at this point given we’ve got OFC coming up next week. Yes, on the first one, in general, we’re agnostic to both of those. We tend to just partner closely with the customers and design the solutions they need. So, it’s the fundamental IP that really matters. As it relates to the disruptive technologies that are lurking around out there, I think that’s been the history of optics. Our view is pluggables is going to be the high-volume de facto standard for many years to come. And certainly, we’re encouraged by showing demonstrations of our new product at 1.6T, you had OFC, there’s real people building systems around this. And of course, the ramp last year of 800 gig gives us confidence under the ramp of 1.6T.
