 So, it is clearly an opportunity for some government also to get into the game, as Andal was sharing. But is it really true? I mean, Max, what do you think about this? Well, first of all, good morning to all of you, Salaman alaykum. It's always good to be back in United Arab Emirates. And my gratitude to the organizer, committing Massimo Briol, Madame Kwan, and the Silyan partners, founders Helmut and Paul for allowing me to be on the stage with them. It's a distinct honor and a privilege to be here with you. It's really interesting because semiconductor industry, let me give you some dates for backdrop. The first transistor, which is the genesis of Integrated Circuit, was invented in Bell Labs in 1947. Ten years later, in 1958, Jack Kilby created Integrated Circuit, which was basically assembly of a bunch of transistors to create functions. Over the last 40 years, semiconductor industry has contributed so immensely to our lives being enriched, to the society being the way it is today, and unfortunately, majority of the people don't know the contribution of the semiconductor industry. But the last 40 years and half a trillion dollars worth of revenue will be dwarfed in the next decades on what contribution semiconductor industry can bring and what economic value it brings to countries that they participate in the semiconductor industry, and any innovation it brings. Probably all of you have a cell phone in your pocket. The last 40 years semiconductor industry has transformed computing and communication industry to the point that today you take your phone out, you can FaceTime your friends and family without even understanding how all of that has become possible. Single-handedly, our industry owes a debt of gratitude to a gentleman who was the founder of Intel, which you probably all know because the sticker is on your laptop, by the name of Gordon Moore. Gordon Moore's law, which became known as Moore's law, dictated that every two years the number of transistors on a chip to grow to become double, and as such the semiconductor industry has followed that pattern and created more efficient chips every year at same or reduced cost. And as a result, it has made possible innovations that has created the communication and computing industry that you see today. Those devices that you have generate data. Data is the genesis, and I hesitate to mention AI again because everybody talks about AI, but it's important to understand why AI has, I think the professor before us explained it very eloquently, that AI is not new. It is actually a very old idea, but the advent of semiconductors and the computing architecture today available has allowed AI to flourish. And again, I like to focus on the positives of the AI, such as ability to be able to detect tumors that professional doctors with 30 years of experience couldn't do. So there's plenty of opportunities. And if you look at where the chip industry is today, give you a frame of reference, which is quite honestly for me, for all of us in this industry that we've been around for a long time, it's still hard for me to grab my head around it. The NVIDIA, the AMD, and Intel's Pontavecchio each have somewhere between 100 to 150 billion transistors in it. So if you look at the genius of these devices, that they are crunching data, and the ability that they are bringing to the society, it's mind-boggling what will be happening. And you saw Hendo's eloquent analysis of where the industry is headed. In the last 40 years, the industry has become half a trillion-dollar industry. In the next seven to eight years, the industry will double its size and become 1.1 trillion-dollar industry. Now, why is CHIPS Act so important? Why is every country and every society trying to have a control over semiconductors? Because from one side, if you look at it from advanced agriculture to drones and to computing, AI platforms, it is the genesis of the new industrial revolution. Semiconductors are what makes it happen. But from the other side of it, it's part of sovereign protection of individual societies. Each country needs to have access to technology for their protection. So semiconductors have a dual-use capability these days. And in all honesty, I am so happy that after the pandemic and shortage of cars because of semiconductors, at least now my family knows what I'm doing. Because up to that point, they didn't know what I was doing. Thank you. Yeah, this is true. I mean, this is not an industry that is really marketing itself. But this is really the foundation for most of the innovations that we see today. And these innovations are going to basically continue to spread over time. So basically we have built over time, we have built these capability computing capabilities that you are talking about, Max. We also built these communication capabilities, really, that really drives 4G going into 5G, and tomorrow it will be 6G. So it's a lot of also different type of applications, but it is needed. So the Lego itself, I mean, the constructions, the architecture is now ready to the next step because we have these high-level computing models that are running with these capabilities. We have this ability to really go fast and move the information very fast. We still have a lot of problems to fix. And power is going to be a lot of these situations where the industry is going to continue to focus. But as Andal is saying, we want to bring these models close to the applications. We want to make sure that this, whatever we call it, artificial intelligence or ability to do more with less at the point of use, this is what the industry is going to bring in the future. So if you think about that, you understand also why US versus China is going on right now. I mean, this is clearly a sovereignty part of the discussions. We understand the policy makers that you guys are here for, and this is so important for this industry. But what we said before is that everything starts with innovation. So is Europe slowing down on innovations? What is Max, what is the situation when it comes to this industry, semiconductor industry? What do you think about innovations? You are the first and you are the right person to talk about it, by the way. So I think Paul refers to the fact that I am fortunate enough to represent an organization that has been the driving force behind innovation in the semiconductor industry. Our organization is called IMEK. It's located in Belgium. We are truly global. We have over 5,500 of the brightest minds from 95 nationalities that they use an infrastructure that is in excess of four and a half billion dollars. And we are fortunate enough to collaborate with pretty much any company that is successful, including, I think we have a colleague here from Volkswagen, including Volkswagen and car companies and DNA sequencing companies, besides the semiconductor industry. You know, the semiconductor industry has different segments to it. There is the logic segment, there is the memory segment, there is sensing and actuate segment. Europe has been a prominent player in the sensing and actuate, which as you can see is driving the autonomous driving segment. And the company that Helmut was on the board is one of the pioneers in creating chips for this automotive industry in Phineon, a German company. So if you look at innovation in Europe, quite honestly speaking, I would have to be forgiven because I am part of IMEK and I get a paycheck from IMEK, so I have to defend IMEK. But if you look at the talents that the universities in Europe create, innovation is what has created semiconductor industry and has driven it forward to the point that the chip today has 150 billion transistors on it. Every aspect of the industry has been innovating and quite honestly the ecosystem has worked together and the driving force of the ecosystem is the talent, is the innovation behind the industry. And Europe has played a significant role because if you look at the universities in Europe, the access to the universities, it has a wealth of universities that they can still continue the innovation in the semiconductor industry. For us to continue to grow in the semiconductor industry, if you look at AI, for example, or if you look at many of the applications, quite honestly speaking, if AI grows at the rate it's growing, the computing platform, the power that is required for that computing platform, the world doesn't have that much power. So we need to continue to innovate in order to reduce the power consumption of the chip. We need to continue to innovate in order to increase the performance of the chips. So I think each region needs to bring something to the table, but underlying part of the participation and the price for participation is to create workforce and talent that they can innovate at least part of this value chain. Thanks Max, I think it's clear that this is the new era. And as part of it, if you think about post-COVID and the current China-US tension, this industry is thinking about regionalizations. We have been building this industry for the last 30 years thinking about globalizations. We are now thinking about regionalizations. If you think about the footprint, every single region in the world is trying to really get into this industry. They are trying to really attract and build on this industry.