Peter Nyquist: Thank you, Aleksander, for that question. So let’s go to the next question, and we will see — we’ll have the next question from Francois Bouvignies from UBS.
Francois Bouvignies: I have two quick ones as well. So the first one is on — a follow-up to Alex’s question on maybe the, Börje, what you said on inventories. So you were impacted by inventories correction and you are still now in Q3. Do you have any estimates of where we are in this inventory correction? I mean, in other words, versus a normal level at your customers, where is it now? Do you have any intelligence to provide some color around this?
Carl Mellander: Yes. Francois, maybe I’ll take that one. Yes. So we — as you said, we saw this happening in Q1 as anticipated and also in Q2. It will continue to some extent in Q3 as well. And that’s why we talk about a very similar trend and similar market mix and is part of that story, the inventory reductions. But from that point, we also see with the visibility we have now and the customer dialogues that, that will flatten out towards the latter part of the year. And as Börje just said, this will support, of course, the overall recovery and making the second half a stronger half than the first half this year.
Francois Bouvignies: Okay. And maybe longer term, Börje, you talked about the 75% of all base stations outside China not yet updated with mid-band. And the question is not if, like you mentioned, we don’t know if it will happen. But I’m questioning more the how it’s going to go back up, if you like. I mean, are we going to see a strong traction of upgrade? Or is it going to be like a very granular Phase 1 upgrade all these, the base stations, to mid-band especially in the context of current macro environment, lack of, maybe you can argue, applications. How should we think about this pace basically of upgrades that you foresee?
Borje Ekholm: Yes. The first, I think, we need to recognize that for a fully built-out 5G network, there is probably going to be a need for more sites than it was in a 4G world. So even if we benchmark to the total size of 4G base stations, we’re probably going to see more sites on 5G. And then what we see will happen is ultimately the — when you talk about 5G from a nonstand-alone basis, you don’t get access to the features that are going to be needed for future digitalization and future use cases. So if you need the ultra-low latency, higher speed capacity on demand, et cetera, you will need to get 5G stand-alone. And that migration is really only in its early phases. So what we see will happen here is that we will start to get new use cases.
It can be generative AI, but it can also be XR. And those will start to drive new type of traffic that will require the 5G to be built out. Then it’s all about how you monetize that. And that’s why I want to tie it into the discussion about network APIs. We think that’s going to be critical. So when you are going to call up — so you put on your XR devices and you say, okay, now I need super low latency, and I can do that through a network API. Then you start to drive a completely new upgrade cycle of the network, you’ll drive new monetization and you drive a new way for us also to create revenues. And that’s why we invest quite heavily in the network APIs. So you see that this start to come together in order to drive the network upgrades. Then, of course, how will that exact upgrade cycle look like?
