Dave Mosley: Yes. Well, it’s a good question. We will balance everything, of course, what our yields are and our costs are and the try to get the customers incentivized but there is some incentive business provided by their power and space reductions as well. We call that their TCO proposition. So all things in balance. I do think that the price per terabyte, if you will, is nominally the same. It may be just slightly lower but there’s definitely going to be a TCO incentive for the customers to move off of the lower capacities and under guidance.
Unidentified Analyst: That’s great color. And if we just suppose the HAMR transition to the transition from LMR to PMR that took place back in 2006, 2008 you guys went from like 0% PMR mix to 100% within 5 to 6 scores. Do you think the HAMR transition will be as quick or you see some reasons why this trans may be a little bit slower transition from LMR to PMR but that?
Dave Mosley: Cycle times are a little bit longer now. So I don’t think it will be as fast. I mean, I’d like it to be as fast and we’ll continue to drive it as quick as we possibly can. The one thing I will say is that our last generation PMR product, if you will, the 2.4 terabytes [indiscernible] drive that we’ve just talked about has a remarkably similar kit of parts as the HAMR drives do. So relative to what we’re making one versus the other, it’s not a big deal and we can get through customer transitions easier. I think as we gain more confidence in a year over the 4-plus terabyte Mozaic platforms, then we’ll definitely want to accelerate. Because by the time you get to say, 5-plus terabytes, then it’s such a great replacement on every legacy product that you have that we want to drive the whole portfolio there because utilization is much better in the factories and the costs come way down.
Operator: And our next question comes from Thomas O’Malley with Barclays.
Thomas O’Malley: I appreciate it. So I just wanted to understand the move from qualification to revenue recognition. It sounds like with your largest customer, you’re finishing qualification right now and you’re obviously pointing to some big units in the first half. You mentioned on the call that you’re expecting calls with the majority of the U.S. cloud and a couple of others in calendar year ’24. Would you expect a similar time frame between qualification and revenue recognition? Alike if those are getting qualified in the second half of this year, you could see revenue from a large number of additional customers. Just wanted to understand the timing.
Dave Mosley: Thanks, Tom. It’s complex. There are some customers that are relatively shorter qualifications and that — some of that’s because of feature set, making sure we get the feature set checked out. If they’re on a generic feature set that we’re already shipping versus their own unique feature set we have to — we have to make sure we’re doing all those things, right? That’s normal in any near-line transition. And I will say that a lot of people are seeing the TCO benefits. So they’re asking and trying to speed these qualifications through, right, because they want that benefit to flow through as well. We will also be limited on our ramp as to what we can do and the cycle times are quite long. So we’re going to balance all these things together, if that helps you.
Thomas O’Malley: Yes, that’s helpful. And then I just wanted to ask one on the margin side. So you guys have talked about 20% below peak but still getting back to that 30% gross margin target or at least at the low end. If you look at what you’re saying for mass capacity growth for the industry, mid-20s if you just assigned that to kind of your revenue ramp over the next couple of years, it takes probably 1.5 years to kind of get to that $2.5 billion, $2.6 billion mark, just using like a linear growth rate. Is that the time frame we should be thinking about until you get back to that 30% to 32% gross margin? Or can you get there before? And what are the levers that get you there before revenue gets back to that $2.5 billion, $2.6 billion.
Gianluca Romano: Thank you, Tom. Well, the major lever is HAMR, the more we ramp up HAMR, better will be the margin. So we are becoming more and more positive on, of course, the timing of that continuous improvement in our margin. I would say, we gave an indication last quarter in terms of the level of revenue. But we think we need to achieve in order to get a certain level of gross margin. That is probably I’m getting a little bit more optimistic right now. So probably we can do an even lower level of revenue. As you said before, qualification of customers is important but we are working hard on qualifying more and more customers. So assuming we can continue our ramp on him. Now I’m fairly positive we can do to alter than what you said and also at the lower level of revenue.
Operator: And our next question comes from Karl Ackerman with BNP Paribas.
