 And back to you, what do you think about Europe in this race? How do you see Europe acting and what are the potential strengths and weaknesses that you see in Europe? That's two questions. Good morning everybody, first and foremost. It's also a pleasure for me to talk about my favourite subject, semiconductors. I've spent all of my professional life in semiconductors and I'm as happy as you are, Max, to the fact that finally a large portion of society recognises how relevant it is. And that's one of the reasons why the tensions between the US and China have gained so much attention. Because in Taiwan there's a super high concentration of semiconductor manufacturing, particularly advanced semiconductor manufacturing. Handel showed some numbers on that. Why is that critical? No car, no phone, no internet would be possible today without that particular manufacturing in Taiwan. Now what have people thought about that? Two things. We want to regionalise manufacturing, diversify the manufacturing landscape. It's got to be in other places. And Handel also said, well, TSMC is venturing into the US, into Japan, into Europe. Intel is bringing their manufacturing into Germany, for instance. Many things are happening at this point in time. Change is always an opportunity for those who are courageous enough to drive it. So it's the opportunity, I think, for many, for many countries, for many companies, to participate in that change and make a fortune out of it. It doesn't come by itself and as I said, I do believe it takes quite a bit of courage to do that. But there's another point that is relevant. We are talking about Taiwan in this particular strength and concentration in Taiwan, on this particular capability. The semiconductor industry is a lot broader. We are talking about a very relevant specific point. But the 600 billion or whatever the number was in 2022 of value that was created or revenue that was generated is on the so-called device level. These devices have to be manufactured. For those manufacturing, we need to have equipment. And for that to run, it needs material. If you add all those different steps of the value chain together, you are at a trillion already. Already today you are. And these other areas are way more diversified. The concentration of capability in Taiwan is focused on manufacturing of leading edge technology only. There's a lot other things that are being manufactured, designed and value created in other regions. For instance, in Europe, and you were asking about the European angle to this, besides the benefit of Europe now getting from advanced manufacturing being brought into the region, Europe has its own strength in certain areas. One is automotive. I'd say 50% of the semiconductors for automotive are being designed and to a large extent manufactured in Europe today. So it is a very great strength. We also talked about equipment. There is this famous company. Everybody has heard the acronym. Meanwhile, it's called ASML. Why is ASML so critical? Because they are the only company in the world that can enable so-called leading edge technology. But again, leading edge is only a certain portion of the semiconductor industry. A critical one that has a lot of focus, also because of potential dual use to it. But again, there's a lot of other things that are being done in Europe right now today, where Europe is leading the global effort in certain areas. And material is the third one and Paul has been running a company called SoyTech for many years. A capability in Europe that is unique to this industry and is very critical for development of certain specific areas. So if you go a level deeper in trying to understand what semiconductors are all about, you recognize that each region, US for instance, owns design automation. No chip can be made. No chip in this world without certain capability that resides in the US only. Japan owns certain areas of wafer capability and some materials. All of this leading edge lithography would not be possible without chemistry coming out of Japan. So this is a truly global industry. And yes, it is changing as we speak and yes, we can take advantage of it. Every region has to look at what are the particular capabilities and if you're brave enough to take advantage of the current change, you can bring this industry or a portion of this industry into this region as well and we'll talk about that soon. Yeah, absolutely. But that comes, I mean, for me, everything you said makes sense and yes, Europe has very strong capabilities and niches that really bring this part of the world into the club. By club, I mean, if you want to enforce policy, you have to have something to say, you have to have also the ability to play a part in this technology world. So Enmoute, what is your view on that? And maybe if you want to get into what can be done in also to get into win-win situations, I think it's an opportunity, but the train is moving, right? And this is an industry who doesn't stop. I mean, clearly it is about speed and it is about also long-term vision. So what do you think about potential collaborations? How do you see that as being someone who has built this industry in Europe, but also what can be done and maybe I will open that question to Max and Andrew as well, what can be done to create these win-win situations with this part of the world? Yeah, I think Max already described it very well. Innovation is the core DNA of this industry. And to create an innovative environment is what you have to have in mind if you want to be successful longer term in this industry. Now the chicken and egg question is always how do you create an innovative ecosystem? How does it begin? Does it start with an institute, with a research facility? Does it start with manufacturing? Frankly, my experience, what I have seen many times when you wanted or when somebody ventured on setting up a semiconductor activity in a new country or in a new place, it usually starts with true business. You have to start with somebody who has all the ingredients to bring business to a marketplace. Once you have that, the ecosystem grows around it. It doesn't grow overnight, you can do a lot of things to accelerate that and you probably have to do that. But once you do that, the ecosystem is going to grow. It begins with one first start, one company that is willing to set foot on a new ground. And the question is how do you attract that? In my experience, and what I've seen lately, subsidies are no longer differentiating. Probably have never been. But now as every region wants to bring semiconductors to their region, they want to have or participate in the fact that you have to have semiconductors to have a future, no matter what economy. It's no longer compute and consumer. It's an automotive, it's industrial, it's everywhere. So if you want to participate in the oil of the next era, then you want to have semiconductors. So you have to attract somebody. What does a semiconductor company need in order to come to a region? Well, when it's manufacturing involved, it needs infrastructure. It needs electricity, stable, cost effective, and it needs water. Okay, you can provide that, but you have to provide it, of course, at competitive level. The second thing, you want to have political and other societal stability. You plan this or you plan this factory to be there for at least two decades. So you have to have a vision is stability in the region, in the place, something that you will have with very high likelihood. The third thing, and that becomes critical more and more, is do I have skilled workforce and talent, and can I attract it to be in that region? That's very critical and that's actually something where a lot of areas are struggling with right now. In Germany, it's a big talk because of Intel and TSMC coming and Finian and others investing heavily while we're getting short on talent and creating that talent is essential. And for that, you need to probably invest early in building research facilities and making a workplace attractive. So when you have all of this done, then you basically need a partner and we might be a partner to help with that. We've just founded Celian Partners and working with Arjan very closely on the first ever private equity semiconductor fund that's fully dedicated to the semiconductor industry in order to help with finding those companies and building those bridges that are necessary to bring a company here. And when you do that, then I think the rest can fall in place if there is the vision and the entrepreneurial spirit of the leaders in that region to drive all the necessary environment. So yes, it's possible. Yes, it's a good time because there's a lot of movement in the industry but there's also a lot of competition. So it's not a given that you can bring this industry to any country in the world where it's not yet.