So today is very small. But the commentary I gave about ASP with of course also translates to improved margins that is on a forward-looking basis. Both Thad and I have always said our new products are at or ahead of our model, the 48% to 50% and as we ramp these products, you’re going to see the margin expansion that will be contributed to by these products becoming a higher percent of revenue. So that’s more of a forward-looking statement that again gives us the confidence in our margin trajectory and the fact that we’ve always said, it’s not — the model is not the destination, it’s really a milestone.
Christopher Rolland: Excellent. And just maybe following up there and then a quick one. So you mentioned the supply constraints across several auto tech technologies. I think you mentioned some, but just wanted, kind of, that more comprehensive list. And then lastly, M&A you have a ton on your plate organically, but are you still considering inorganic and how do you see that market?
Hassane El-Khoury: Yes, look, so across the board, obviously, I think I’ll comment on image sensors, image sensors is a foundry business for us. We’re seeing some easing in the foundry, so we get a little bit more capacity allocated to us. And I mentioned in my prepared remarks, we used this opportunity to really bridge that supply to demand gap that we’ve had in the last couple of years and we’re making progress into catching up. We’re not caught up yet, but we’re making progress, so that remains constrained obviously. On high power silicon, think about it as IGBT or silicon carbide really. We’ve always said we’re sold out on silicon carbide, so improvements that we have contribute to our achieving our numbers. IGBT, as I mentioned, remains constrained, because of strength and not just automotive market, but also in the industrial.
A lot of our energy storage systems are silicon and silicon carbide, but a lot of it remains still today on silicon. So that adds some of that constraint, so you can see it’s really across the board not specifically on markets, but it’s driven by megatrend growth that we are participating in. As far as M&A, look, you’re right, our focus is on execution. We have a lot going on, a lot of it is great work that creates a ton of value for our shareholders. So execution is key and execution is our focal point. But we never look away from M&A, we’re always looking, because those are opportunities that we will participate in. But as we sit here today, I can’t tell you there is something we are missing in order to achieve our organic plans of value creation.
So we’ll be opportunistic, we’ll always drive and participate in the M&A landscape, but there’s nothing I would say we have to have, which is the best place to be, because we can be very disciplined in our approach of M&A.
Christopher Rolland: Great update. Thanks, Hassane.
Operator: Our next question comes from Gary Mobley with Wells Fargo. Your line is open.
Gary Mobley: Hey, guys. Thanks for taking my question and sneaking me in here. I know Harsh asked about the China EV market, but I wanted to ask more broadly about China indigenous demand. Where do you see that demand profile set today and maybe give us a sense of China did just demand as a percentage of your sale currently versus and where it’s been in the past in terms of thinking about the optionality upside there?
