Laura Chen: Thank you very much for taking my question. Good afternoon, gentlemen. Very appreciate C.C. and Mark sharing on TSMC’s view on the longer-term outlook in AI. So I’m just wondering how does TSMC evaluate your second capacity expansion to think with foundry and wafer side. Since there is no problem in the foundry space, were you kind of concerned about potential overcapacity in the back-end side beyond next year? Or actually, we may see more upside at the foundry wafer side. So our – say, like advanced node utilization rate may go higher into next year? Thank you. That’s my first question.
Jeff Su: Okay. So Laura’s first question is looking at our expansion of advanced packaging or back end versus the front end wafer as we are expanding the back end, but not the front end, does that imply that first, that our front-end wafer particularly leading node, we expect the utilization to increase next year? And then conversely, or is there a risk that we are over expanding or overcapacity risk for the packaging side?
C. C. Wei: Okay, Laura. Let me answer the question. AI today is a very hot topic. A lot of my customers right now increase their demand, and that will increase their front end demand, of course. TSMC almost have the major share or the largest share, let me say that in the front end wafer. According to the front ends adopting [ph] we really work closely with our customer and to decide what is the back end that they need. And so on that perspective, we are planning our cohorts capacity, although probably still not enough, but we’re working very hard to increase it. Overcapacity, not today is a concern, that it is concerns, its not enough capacity to support all the very strong demand.
Jeff Su: Okay. Thank you, C.C.
Laura Chen: Yes. Thank you. That’s very clear. Thank you very much C.C. And my second question is also about the gross margin outlook. If I am wrong, please correct me. I recall that the previous cycle, like 7 or 5-nanometer, the capacity usually will be three times in the third year of the new technology ramping. So I’m still – I’m wondering is still the case for N3. And particularly, we have seen that significant capacity intensity increase may lead some margin pressure, particularly in the first few years. So I’m just wondering how does TSMC balance your technology leadership and also the margin situation? Thank you.
Jeff Su: Laura, you said three times – sorry, are you referring to the revenue contribution? Sorry, you said N7…
Laura Chen: The capacity, yes.
Jeff Su: Okay. So all right, let me try to summarize your question. I think Laura is asking N7, N5, we substantially expand the capacity. And so what is the case for N3 and then also in terms of the profitability of N3 or gross margin, to be more specific as it compares to N5 and N7 previously. Is that roughly correct, Laura?
Laura Chen: Yes. Thank you, Jeff.
C. C. Wei: Okay, Laura. Let me answer this question. As I just mentioned, the N3, due to the increasing process complexity is becoming more challenging than the previous nodes. We – but at the same time, we will continue to sell our value and drive down the cost at the same time. But the – we still believe that N3 will be a long-lasting and long lasting or a large node for TSMC. With all the efforts and we still believe that the whole company’s gross margin will be 53% and higher.
Jeff Su: Okay. Laura, does that answer your question…
Laura Chen: Thank you. Really, appreciate.
Jeff Su: Yes. Okay. Thank you, Laura. Operator, let’s move on to the next participant, please.
Operator: Yes. Right now, we have Rolf Bulk from New Street Research. Go ahead please.
