As high-performance memory and storage becomes increasingly critical to enabling AI-driven innovation, this new structure enhances Micron's ability to engage more deeply with customers by shifting more resources to AI-focused opportunities across our portfolio.

In data center, we expect the CY25 server market to grow mid-single digits percentage in units, largely driven by significant growth in AI servers.

As generative AI workloads grow in size and complexity, the performance demands on HBM continue to rise.

The expanded interface for HBM4 facilitates rapid communication and a high throughput design that accelerates the inference performance of large language models and chain of thought reasoning systems.

Key catalysts for growth include the increasing adoption of AI-enabled PCs and the Windows 11 upgrade cycle.

AI adoption remains a key driver of DRAM content growth for smartphones, and we expect more smartphone launches featuring 12 gigabytes or more compared to 8 gigabytes of capacity in the average smartphone today.

We expect increasing adoption of L2 and L3 ADAS features, and AI-enabled in-vehicle infotainment systems to drive memory and storage content growth as well as higher bandwidth requirements.

In industrial, we are seeing a resumption in our growth as customers increase their investments for the adoption of AI, including in key areas like factory automation.

As AI drives unprecedented demand for high-performance memory and storage, Micron is exceptionally well positioned to capitalize on this transformative era.

Our leadership in technology, highlighted by progress in HBM, 1-gamma DRAM and G9 NAND, alongside disciplined global manufacturing investments, supports our path to sustained growth.

We are on track to deliver record revenue with solid profitability and free cash flow in fiscal year '25, while we invest to build on our leadership to addressing growing AI-driven memory demand.