Wendell Huang: Okay, Bruce, this is Wendell, we’re not able to comment on pricing details, but our pricing is always strategic and consistent to reflect our value. Now value to our customers as C. C. said in this statement includes technology leadership, manufacturing efficiency and quality, cost, trust and recently also includes more geographic manufacturing facilities. Therefore, our overall pricing will remain strategic to reflect our value, which includes the value of geographic flexibilities. Does that answer your question?
Bruce Lu: Well, to some extent. Let me ask the question in different ways is that we do understand it will reflect TSMC’s value, i.e., geographical location is a bad, but at the end of the day, it’s a cost plus for everybody across the board. I mean, how confident that TSMC feels that the customers can swallow all the cost and the end customer with one of the costs, i.e., without triggering the potential wafer price inflation or semiconductor inflation at the end of the day with more and more global capacity for TSMC.
Wendell Huang: Yes. Okay. Bruce, let me add that in C. C.’s statement, he also mentioned that we will €“ aside from selling our value, we will continue to drive down our cost, but also to leverage our competitive advantages of large volume, economy of scale and manufacturing technology leadership. And with all these actions plus the government support, we are able to absorb the higher cost of overseas fabs and maintain our long-term financial goals, gross margin of 53% and higher.
C. C. Wei: Let me add some color. this is C. C. Wei. Actually, in our view, the semiconductor becomes more essential and more pervasive in people’s life. And the semiconductor industry value in the supply chain is increasing. And if we look at our customers’ performance, they are rising structural gross margin over the past 5 to 6 years, it continued to improve. That reflects what I just said, the semiconductor value has been recognized and also very important in our daily life. And so we set up our pricing strategy to reflect all the values we share to customer and customer also in the value from the end market.
Jeff Su: Thank you, C. C. Bruce? Do you have a second question?
Bruce Lu: Yes, please. The second question is for the N7. I think we spent some time for 7-nanometer, which is more cyclical. I think after 3 months, I think the correction is even bigger. So how €“ can you share us the full year outlook for 7-nanometer? When we can expect the customer or the 7-nanometer capacity return to normal back to like fully utilized? Or can we avoid the same cyclical symptom in 5-nanometer and 3-nanometer in 2, 3 years from now?
Jeff Su: Okay. So Bruce’s second question was on 7-nanometer. So his question is 7-nanometer seems to have deteriorated versus 3 months ago. So what is our view? Can it fully recover in this year? And then I think, Bruce, the second part of your question is also how can we avoid the same cyclical systems at other nodes in the future. Is that correct?
Bruce Lu: Yes.
Jeff Su: Okay.
C. C. Wei: So I answer this one? First, N7 most of business for TSMC in the last 2 years is from the PC and smartphone. And that happened to correct €“ or let me say that inventory correct happened to be the most severe one. And so the end market dropped most severely generally thought. In fact, the unit will not increase, but the content will be increased, so is demand be more softened than we thought 3 months ago? Why be repeated at 5 or 3? Cyclicality of the semiconductor always exist, but it’s unlikely this time the scenario was to be repeated because our current downturn actually, it’s kind of being enhanced or being degraded by the pandemic. Due to the pandemic, the digital transformation progress have been enhanced.
