Felix Henriksson: Yes. Yes, just a quick one regarding the market demand. So, I just wanted to hear your thoughts on whether or not you actually think that the market can turn for the better without sort of these killer apps that can actually improve 5G monetization for your telecom customers or – because it sounds like that the current sort of headwinds that you’re facing are perhaps also going beyond the inventory corrections and the macro slowdown that we’re seeing.
Pekka Lundmark: Yes. I mean this is obviously one of the most important strategic questions for the whole industry going forward because a key reason why operators have been hesitant with their investments has been that that their 5G monetization has been slower than expected. And the reason for that has been that it has been difficult for them to introduce new applications that would take advantage of the capabilities of 5G. And what we really need is, first of all, in the network infrastructure, we need standalone core with capabilities like slicing, we need more capacity in the radio interface, which is to be achieved through 5G mid-band. But then very importantly, we need to make the network more programmable so that it’s easier and faster and less costly for application and developers to bring new use cases to the market.
And this is where the Network as Code platform that we introduced to the market during Q3 comes in. It is a platform that includes a set of APIs with the goal to make the network programmable. And what I do want to emphasize is that we have developed this organically within the R&D budget that we have. We have excellent feedback from customers. We have significant traction from the market. We have four – as I mentioned, we have four deals already and there is clearly more in the pipeline. And this is one of the key focus areas that we will be delivering more information in Raghav’s presentation in the December investor event.
David Mulholland: Thank you, Felix. We’ll take our next question from Richard Kramer from Arete. Richard, please go ahead.
Richard Kramer: Thanks very much. Pekka, the first question is you have this infrastructure progress update this summer, which highlighted that you were coming into new product cycles and IP routing and optics, as well as looking forward to big US government funding projects and fixed. Are you now seeing that infrastructure is no longer driven by product cycles as it was before? And can you give us an update on where the hyperscaler wins that we’ve long hoped Nokia would be able to deliver where you are on realizing those? Thanks.
Pekka Lundmark: Well, We are working on several hyperscale opportunities right now. But as of today, there are no new news. Hopefully, there would be soon. So that remains to be an attractive opportunity. In general, when we talk about network infrastructure and I guess, especially the network architectures and the product cycles in routing – routing and optical, and then I comment fixed access as well, but there is obviously now with the new technology cycles, including what we are delivering in routing through FP5 and the 800 gigabit services and then the optical platform, PSE-V, there is combination of these two is enabling completely new network architectures in the metro and regional networks, where the key driver is really a new generation of 400 and 800 gigabit services.
We are, of course, trialing already 1.2 terabits per second. We are able to deliver it. We are able to deliver 800 gigabit services over 2,000 kilometers which is a real technology leadership position in the whole world. These are the drivers that are pushing network architectures to new boundaries. And we see no slowdown in this type of – kind of product-driven or architectural development evolution of the networks. You saw that the optical network business in terms of volumes has been more resilient than the other businesses. So this is all good. But at the same time, obviously, the CSPs are taking a very critical look on their investments also in this area because of the macroeconomic situation. But our relative position here is pretty strong.
