Lattice Semiconductor at JPMorgan Conference: Focus on Innovation and Growth

On Tuesday, 13 May 2025, Lattice Semiconductor (NASDAQ:LSCC) participated in the 53rd Annual JPMorgan Global Technology, Media and Communications Conference. The company provided a strategic overview, highlighting its focus on innovation and growth in the FPGA market. While the discussion was optimistic about future prospects, executives also addressed challenges such as tariffs and competition.

Key Takeaways

• Lattice is focusing on small and mid-range FPGAs, leveraging solutions like Sensei and Sentry.
• The company aims to increase new product revenue significantly by 2026.
• Lattice is diversifying its supply chain to mitigate risks from tariffs and geopolitical tensions.
• Gross margins are a primary focus, with strategies in place to maintain and enhance them.
• The company sees significant opportunities in the compute and infrastructure verticals.

Financial Results

• In 2023, 9% of Lattice’s total revenue came from new products. This is projected to rise to 14% in 2024, high teens in 2025, and mid-20s by 2026.
• Lattice estimates a content opportunity of $300 to $500 per rack in compute and infrastructure.

Operational Updates

• Lattice holds approximately $500 million of a $7.5 billion total market.
• The company is focusing on building a "China for China" and "US for US" supply chain.
• Growth for Nexus is expected to peak in 2026, while Avant is projected for 2027.

Future Outlook

• Lattice anticipates sequential quarterly growth in communications and compute through 2026.
• Industrial auto inventory levels are expected to normalize by the end of the year.
• The company views gross margin as an essential indicator of customer value.

Q&A Highlights

• Motion control is a key strength, with Lattice recently receiving EtherCAT approval.
• Lattice’s strategy will be driven by customer and market opportunities, not competition.
• Supply chain diversification remains a priority to handle potential challenges.

For more detailed insights, readers are encouraged to refer to the full transcript of the conference call.

Full transcript - 53rd Annual JPMorgan Global Technology, Media and Communications Conference:

Anand Agarwal, JPMorgan, JPMorgan: Okay. Alright. I think we can probably get started. If folks can find seats, that’d be great. My name is Anand Agarwal.

I’m with JPMorgan. I am joined here today by Lorenzo Flores, CFO of Lattice and Ford Tamer, CEO. Again, thank you for joining us today. We have about thirty minutes for this fireside chat, and maybe at the end, we’ll leave a couple of minutes for just some some q and a. Maybe to to kick things off, Ford, would you like to give the audience here a brief overview of the business, market overview, competitive positioning?

Any recent business updates that you have, would love to get those.

Ford Tamer, CEO, Lattice: Yeah. No, that’s great. So, I’m gonna start with an overview of the FPGA market and recent trends and then go into the positioning and competitive nature of stuff. So the way I think about it is a spectrum all the way from, call it on the left, ASICs that are gonna be general a very focused custom built for the application. It’s gonna be the highest performance, the best power, the best cost per unit.

And you could do that if you’ve got a hundred, $200,000,000 to to spare on designing and producing that ASIC. All the way to on the other side of the spectrum, microcontrollers that are gonna be more general purpose, easier to program, you know, you you could do it in C and it’s pretty flexible. And we’re in between. So we we would be, you know, higher performance than a microcontroller. We would be more flexible than an ASIC.

So if you’ve got application like security where the requirements are still evolving, you’d be better doing this in an FPGA because you could change the requirements over time. We’re going to be good on power, on size. And so the FPGA is this in between. I describe it sometime as the Swiss Army knife. So you can make that Swiss Army knife look like, you know, whatever you’d like for that application, a bottle opener or a or a knife or a scissor or so we we serve multiple SKUs in that same silicon.

If you look at the applications, pick a new set, a new application like a humanoid, as an example, that has many motors, many sensor in a humanoid. A microcontroller typically would be good if you’ve got a one to one. Like a microcontroller would help you to do a motor, you know, a image sensor. If you’re trying to do many motors, we’d be a better fit. If you do many image sensors, it would be a better fit.

If you’re trying to do things like a multimodal type of application, image and voice, we could be a better fit. Like, a lot of our customers today are using us between the analog feed and the AI processor, where we could be a bridge from the analog world. We do sensor fusion on many sensors. So you could bring, for example, in a car, you could bring a LiDAR and a radar and an image sensor and in cabin type stuff into these FPGA that could help you do the fusion and spare some of these cycles in that in that AI chip to do what’s best for those AI chips. Over the past few years, we see a few tailwinds that have are helping this FPGA market grow.

Number one, there is an increased focus on trying to get that system design cycle to be shorter. So on the AI side, leaders like NVIDIA are pushing to go from a two year cycle between design to closer to one year. And that is putting more pressure on some of these auxiliary function as opposed to being in an ASIC to not be left better done outside in FPGA. The process node end up continuing to be more expensive. So as you go to two nanometer, three nanometer, it’s expensive to put these function in an ASIC.

You’re better off leaving them outside FPGA. And as I said, some of these security application, the requirements keep changing. And again, you’re better off doing some of these outside FPGA. At a high level, the market today, call it, is 7 and a half billion to give you a rough view. This, again, very rough.

4 and a half billion, call it Xilinx, one and a half billion Altera, and half a billion for Microchip, ourself, and the four major Chinese serving the China market. So you could see, you know, this is the market share we’ve got today is is 500 out of seven and a half. We focus on the small and mid range FPGA market, which we believe are gonna be fast growing than the large FPGA and SOC. And our goal is to be the leader in the small FPGA and the mid range FPGA market. In the small FPGA market, we’ve got a product line called Nexus that is gonna be that is growing and will continue to grow.

We see the inflection point of growth there in 2026. And we got a new product line called Avant that’s focused on the mid range, and we see inflection point there being in 2027. We serve four major market, the industrial automotive comprising about, call it, 45% of revenue, and comms and compute are the other two that comprise, again, 45%, with consumer be about 9%. So under industrial and auto, we put aerospace, defense, medical, some test measurement in those industrial automotive type of markets. When you think of our product line, we’ve got silicon, we’ve got tools, we’ve got IP, we’ve got solutions on top to make it easier for customers to program these.

And we go to market 85% through channel, 15% direct. So high level view of the market.

Anand Agarwal, JPMorgan, JPMorgan: That was great. Thanks so much for that. Maybe double clicking into into one of the verticals that you talked about, the compute and infrastructure vertical. What are what is your exposure to general purpose servers and also AI servers? Like, how should we think about the attach rates and the opportunity there for Lattice?

Ford Tamer, CEO, Lattice: Yeah. Great question. So on the comms and compute, we have, in the past, clarified that market for us being, call it, two third compute, a third comm. And in that two third disk compute, we have, in the past, discussed the fact that we got upward of 50 FPGAs per rack. On the AI side, it’s higher.

On the enterprise side, it’s on the lower side. But it’s a significant opportunity for us. We characterize the opportunity being between 300 to $500 of content per rack. We have a broad range of function we supply. We are a companionship to some of these AI processors, And we work closely with, you know, NVIDIA, Habana, you know, all of the cloud accelerator.

We also design in with some of the pieces of infrastructure that goes along with some of these, like the switches from Broadcom or Marvell or the NIC card, the storage card. We supply a variety of functions such as on security, root of trust, boot, post quantum cryptography, PQCs, a recent application, Bridging, IO expansion, all kinds of of function that that we we provide on a variety of cards in in the rack.

Anand Agarwal, JPMorgan, JPMorgan: Great. This next one is for Lorenzo. Given you’re fairly new to the firm, or I don’t wanna say new anymore. Give me

Lorenzo Flores, CFO, Lattice: I’m still new, but go ahead.

Anand Agarwal, JPMorgan, JPMorgan: Would love to get your perspective on the business. Would love to get your near term priorities, your long term priorities. What attracted you to Lattice? It would be great to kinda get your perspective on on on the firm.

Lorenzo Flores, CFO, Lattice: Yeah. Sure. So my approach, wherever where I’ve been in in at Lattice now is, you know, what are what are we doing as a management team to drive shareholder value? What are the options we have to accelerate the growth in in shareholder value? And when I put that mindset in, the frame of Lattice, it say, you know, I came here and I have a good feel for the business.

Right? So my, my time at at Xilinx, and I looked at Lattice and I you know, actually from the outside at first, and I said, there might not be much left to do. Right? Because they kind of addressed their problems, had great revenue growth, all stuff that, you know, I know took years to to do from from my experience. And so I wasn’t all that excited until, you know, I met Ford.

And then you move to the, well, how do you accelerate or what what are the options you you have to accelerate the growth in shareholder value? And that’s where Ford and I spent a lot of time and got got very aligned on using this really great franchise, building on it, continuing the execution focus that we have to have every day, every day, every day. So nothing is nothing is easy in this in this business. And then looking creatively around that franchise for ways to grow it, you know, in not just incremental but incrementally, but within step functions so that we can have a more strategic platform from the view of our customers and have the opportunity to do the classic one plus one equals three in the business. But what I most appreciated about the conversations I had with Ford is we share the same objective in the end, but we also have the same mindset on being extremely disciplined about what we’re doing in that frame, and we know the value of doing smaller things that might not be even visible to the world.

And, you know, using our technology platform as a place for tuck ins to accelerate our, say, our tools or our IP offerings and that way grow the business. So we’re looking at the spectrum, which is quite exciting. We have the same disciplined mindset on what we want to do in the end. And the last part of it is after I met Ford, I met the rest of the team, and it’s a really, really good team and really a place where we are on the same mission working together quite well. So it’s kind of the whole thing.

Like I said, I really like the FPGA business because you see all the interesting stuff first in a lot of ways in the industry.

Anand Agarwal, JPMorgan, JPMorgan: That’s true. It’s always good to hear when a CEO and a

Unidentified speaker: CFO see eye to eye on a number

Anand Agarwal, JPMorgan, JPMorgan: of different things, the businesses align and the different functions align. Speaking of growth, you talked a little bit about growth. You’ve been investing in software for a fairly long time now. Could you maybe talk a little bit about your software strategy, how it’s what it’s comprised of historically, and maybe provide a little bit of a future perspective on on on what you think are the areas that you’re gonna continue to invest in, things of that nature?

Ford Tamer, CEO, Lattice: Yeah. So look, the biggest barrier to entry and acceleration today is the tools compared to, like, for a micro that’s easier to program and see. Right? So we had one of our investors, you know, last night say, look. You could be maybe think of yourself to the micro as to what the GPU was to the CPU.

I mean, in a way, CUDA overcame the difficulty because they brought value. And if we can bring value in offering, could we attract a larger following? But the software is very key because you have to program an FPGA at a much lower level in hardware like type terms as opposed to a micro that that’s a higher level. And so at a high our focus is gonna remain on on three things. Tools, IP, and now solutions on top.

And I think that’s what you’re referring to. So on top of tools and IP that we share with NVIDIA, with with Xynix and Altera, we have an incremental layer of software we call solution that we is pretty unique to us. And so we got these six solutions, Sensei for AGI, Sentry for security, Automate for industrial automation, Drive for automotive, ORAN for wireless, and Envision for vision. So, these six solution sets are intended to speed up customer time to market. And we’re going to remain very focused on those solutions.

Anand Agarwal, JPMorgan, JPMorgan: These from a software perspective, are these solutions largely what what would be how how should people think about attach rates of the software solutions in in conjunction with, like, the hardware?

Ford Tamer, CEO, Lattice: Yeah. I think, you know, the, obviously, tools is 100% attach And so that, from an investment point of view, that continues to be where the bulk of the investment would be. The second layer on the IP is going to be less than 100%. But, you know, this is all the various IP that people need for connectivity and etcetera. We have another layer, which is reference design and boards and enablement documentation that, again, is taking investment.

And the last layer being this solution is we haven’t broken up the percent attach rate. But, you know, we have to continue to invest in solution. But keep in mind that tools is what’s a % IP is is the next layer. And then eventually, we’ve got so many left for solutions. So as we scale, we put more into solutions.

We would love to put more in solution we’re putting today, but we’ve gotta be mindful of the other layers being important as well.

Anand Agarwal, JPMorgan, JPMorgan: Basically increases ease of adoption That’s right. Essentially. Right. I have to bring this up because it’s it’s very topical. Given the recent investment into Ultera by Silver Lake, if you can call it an investment, How in your view, and would love to get both of you to weigh in on this, that’s possible, how do you view what are the impacts to the industry, to the broader FPGA industry, and what do you see are the impacts to to Lattice?

Lattice?

Ford Tamer, CEO, Lattice: I mean, for us, it doesn’t change our strategy. Our strategy is gonna be dictated by customers. I mean, we’ve I’ve always built a strategy around customers, around market that are interesting, not around competition. If we build our strategy around competition, we lose. So we wanna be leaders, and if you wanna be leaders, you lead.

And if you look at my background at Inphi or Broadcom, I’ve always led. I’ve always led by innovative solutions, innovative value that’s driven and given to the customer. And that’s how you build a successful and big company. Ken Hau and Raghib Hussain are both very capable and are good friends and wish them the best and we’ll compete with them in the marketplace, but I don’t think it changes our strategy. We remain very focused on the strategy as we had defined it and execute on that.

Lorenzo Flores, CFO, Lattice: What I would add to that is from a a day to day operational perspective, what we are using the situation as best we can to our advantage. Right? And and talking to customers about their concerns. And the question you ask is probably more generalized and more acute in in the customer base, like, what’s gonna happen next? We don’t know what’s gonna happen next.

We’ll tell you what we bring to the table, as Ford said, with a customer focus and what the best value proposition you can get. And that includes not just the products we have, but the commitment to the longevity of the products that we have, which is really, really important in

Ford Tamer, CEO, Lattice: our

Lorenzo Flores, CFO, Lattice: space, and the commitment to supporting the customers through the process. So that’s, I think, some some of the areas where we think right now customers are are looking at the field and saying, well, Lattice is probably the best solution. So that’s we wanna take advantage of that in the near term.

Anand Agarwal, JPMorgan, JPMorgan: Great. This is my next question is is really is a really hard one to answer. And it’s fundamentally the reason for that is it’s a constantly evolving situation. Tariffs are basically moving around all over the place, left, right, and center, depending on the time of the day, occasionally. What do you see as the perceived impact of tariffs to your business?

And are there things that you are doing to mitigate potential impacts from those tariffs? From a CEO perspective, also from a CFO perspective, I think would be helpful to hear.

Ford Tamer, CEO, Lattice: Yeah. So look, every crisis is an opportunity. So I think the good news for us is Lorenzo, myself, the rest of the management team have been through these cycles many times before, whether it’s .com or the financial meltdown in ’eight or the COVID. There, done that. You pay for having an experienced management team that’s lived through this and not fazed by it.

What we tell people is, look, keep your head down, keep executing, focus on, again, what creates value. Don’t worry about the stock price. Now having said this, COVID was a huge opportunity for Inphi, and we took advantage of it. I remember in April when everybody was running for the hills, I published a white paper. Don’t know if you remember it, Sanjay, where we detailed all the why COVID was gonna be a huge boon for the rest of the industry.

Right? And it ended up being a huge boon for and and we took advantage of it. It. I think in a crisis, strong companies get stronger. And so, I think we will take care, we will, I think we will take advantage of the situation.

Now, having said this, we’ve got to be mindful of a supply chain is going to be bifurcated for the foreseeable future. I don’t think that goes back to one supply chain. So we have a non China, non Taiwan supply chain. We have a China for China supply chain. We’re work on The US for US supply chain.

So the supply chain diversification and split is gonna be something that that will be with us. It’s great to see the recent progress. We remain focused on understanding sectoral tariff and and, you know, be mindful of this. On April 1, April second, I was at the Semiconductor Industry Association in Washington. You know, we left the hill at 03:00.

Liberation day was at 04:00 that April 2. And we aligned as a unified semi SIA with a unified message to saying, look, extend and expand. So, extend ITC tax credit for the manufacturers, and expand it to R and D tax credit. The semiconductor industry is a 70% export and trade type of industry, so we’ve got to be mindful that we’ve got to align with partners. So, do you want to

Lorenzo Flores, CFO, Lattice: take that from From my perspective, would start by reflecting back on your question, which is it’s an uncertain environment. We don’t have consistent and clear direction. So we’re doing probably what everybody else is doing, I would expect everybody else is doing, which is continuing to monitor the environment. We have internal experts who are working with external experts to make sure we understand what the current rules are and what directions they may likely evolve given the different high level directions that we see coming from the White House. And then in parallel from a operational perspective, you know, we have a good handle on our supply chain.

I think we’ve talked a lot about the fact that all of our supply chain is outside of The US. Wafers come from Taiwan, Korea, and Japan, and the back end is in Taiwan and Malaysia primarily. We have a way to service China, and we have about 20% ish of our of of our revenue coming into The United States. Now we do that through distribution partner. And so we think we can figure out ways to mitigate the effect of any tariffs so that it’s not an economic disruption to our direct customers.

But, you know, we are concerned as everybody is, like, well, what about the bigger picture indirect impacts in our business? And so we’re continuing to watch that. We think we saw some of that in fact. We see some of that in fact, in in industrial and auto in our business in the slowdown. But, you know, we’ll see.

We’ll see how these particular rules get implemented. We’re also watching, as you all are aware of, the potential for sector based tariffs, and, you know, that remains out there, not resolved yet. So, you know, we have we have scenarios we’ve planned against, and we have options to mitigate the impact, but we haven’t implemented anything yet because the guidance is not yet definitive.

Anand Agarwal, JPMorgan, JPMorgan: Also, consumer is a very small piece of your business, which is a great thing, I guess, this environment. Ford, you have a very strong record of growing businesses organically and inorganically. Here at Lattice, are some of the kinds of inorganic opportunities that you would look at to potentially accelerate growth, to potentially accrete margin? What are some of the things that you could potentially do?

Ford Tamer, CEO, Lattice: Yeah. I think the way we like to answer the is our shareholders pay us to look at everything, and our shareholders pay us to stay very disciplined. Right? So like Lorenzo likes to say, we’ve got a very broad lens, but a very narrow aperture. So we’re going be very picky on what is gonna fit and keep the very high bar on what we do.

So if you look at the offering, the platform that we have is silicon tools, IP solutions, and then reference board and and various partnership around that platform. You could imagine all of the above being potential inorganic opportunities. At the developer conference we had in December that was attended by 6,000 people registered, we had outlined three vectors to focus on security, vision, and edge AI. And again, those three could be areas for us to grow inorganically. We are into many verticals, such as industrial, automotive, comms, and compute.

And again, those four could be areas for us to grow. So you could see that we have a broad

Anand Agarwal, JPMorgan, JPMorgan: Lens.

Ford Tamer, CEO, Lattice: Lens, and we’re going to stay, as Lorenzo liked to say, focused from an aperture and discipline, financial discipline on what makes sense to make sure that what we do, the one plus one, will equal to better than what we could do on our own growth. Sure.

Anand Agarwal, JPMorgan, JPMorgan: This one’s for you, Lorenzo. Given the current environment, your gross margins have have been extremely resilient. How do you think about gross margin trends in the long run? And can you maybe even talk a little bit about the growth versus margin trade off, right, and how you think about that?

Lorenzo Flores, CFO, Lattice: Sure. That’s a a really important, way to get into the business model, very easy way to get into the business model question, because gross margin is a primary indicator of of the value we provide to our customers. And, you know, we work with a broad set of customers across a broad set of applications and in different spaces, and, you know, that’s a portfolio number, if you will. But it is important to, you know, look down the p and l and look at the investment we’re making in in the r and d and in the sales support organization because that’s also reflected in the value. It’s not just the silicon.

It’s all of the value we bring to the customer. And so when you think about the gross margin and the gross margin percent, one, it’s not easy to be where we are, and that takes continual work. Two, to move it up, the math starts to get very hard. Right? It’s not you say you go from 69 to 70%, it’s not, you know, one percentage point of price increase or cost.

It’s actually three x that when you do the math. So it’s it’s actually real work. And we keep working at it from the cost side very, very rigorously, and we keep doing our best on the pricing side to to sell value to the customers. But when you look at the opportunities that come to us, we don’t have this, oh, it’s corporate gross margin cutoff. We look at it how it fits into the overall strategy, and we look at can we use it in conjunction, with the overall business model to grow operating profit growth disproportionately faster.

Right? Because, you know, we were looking for return on the investments we make. That return is primarily in r and d. Right? And so that’s the way we look at it, and we’ve managed in the past.

And, you know, obviously, personally, in my Xilinx experience, managed to keep at that gross margin level while we while we grow. So we don’t have any concerns about maintaining it as we look forward to our new product ramps and their fit in the portfolio. But I will tell you, it’s not we don’t take it for granted, and we work really hard to grow aggregate profit dollars. So

Anand Agarwal, JPMorgan, JPMorgan: Got it. Maybe shifting gears from the growth versus margin discussion to essentially drivers of growth. What do you see as like the short term, long term drivers of the business? And also what are some of the end markets where you see a bunch of your your demand coming from in 2025 and maybe 2026?

Ford Tamer, CEO, Lattice: Yeah. So look. The driver of growth is gonna be the ramp of our new product. Nexus is the small FPGA. Avant is the medium sized FPGA.

And we’ve broken that up as percent new product from revenue in past public statements saying, in 2023, ’9 percent of revenue came from new product. ’24 was 14%, expected to go in the high teens. And ’25, expected to be in the mid-20s in ’26. And so if you do the math, if you do 7% of 500 in ’24, that’s about $70,000,007.00. If you take the mid 25% of the consensus for next year, it’d be more than double that number, above one fifty.

So you could see that new product is growing, doubling in a matter of less than two years. And we’ll continue to focus on this. On the segments, the strengths now is coming from comms and compute. And we expect sequential growth every quarter for the remainder of the year and into 2026. So comms and compute will continue to be very strong and expect that to continue.

But we do expect industrial auto to regain its strengths and growth as we get out of the inventory situation. And we said that we’re now looking to get inventory back to regular business by end of this year.

Anand Agarwal, JPMorgan, JPMorgan: Got it. And no discussion around end markets would be complete without talking about end market recovery and given where we’ve been over the last several years or several quarters at least. Have you seen it? Have you seen the recovery pan out the way you’d expect to? And also, what are your expectations for the rest of the year?

Ford Tamer, CEO, Lattice: Yeah. So let me start and turn it over to Lorenzo. But we said we are at the bottom. We’re at the bottom of that U. We said it’s a U shaped recovery, recovery.

So, we’re at the bottom. And, we still, under comms and compute, we are shipping to true demand. So, there’s no more inventory issue in the channel for comms and compute. So, comms and compute has recovered, is growing nicely, expect to continue to grow. On the industrial auto, again, are at the bottom.

We are under shipping through demand. So we are continuing to decrease inventory in the channel consciously every quarter, and expect to do so for the remainder of the year. Lorenzo?

Lorenzo Flores, CFO, Lattice: I actually think that’s pretty much it. Okay.

Anand Agarwal, JPMorgan, JPMorgan: I think we have a couple of minutes left, so if there’s any questions from the audience, happy to take those. But, yep, go ahead.

Unidentified speaker: Ford, you know, one thing that’s really piqued my interest with your company is the burgeoning motion control opportunity. So, you know, the the you could do motion control with MCUs or CPUs, but that’s serial. You guys offer the ability to do it in parallel so you can cover a much bigger, a broader swath of motion control devices. So can you talk about that as you look forward, that market? And is there any additional IP you need to support that, or or how should we think about growth in that market?

Ford Tamer, CEO, Lattice: Yeah. No. Good question. So, motion control has been an area that is a strength of ours. So, as you mentioned, parallel processing gives us performance advantages compared to a serial processing.

But there are many other advantages. Latency is very important because if there’s an obstacle in the way, the robot has to be able to stop pretty quick. And so latency is much better in FPGA. Fast boot time. So we could boot much faster than any other solution on the market today.

Compared to other FPGA vendors, we’re an order of magnitude faster boot time. So that’s very important. Power is extremely important, and we, again, very focused on power. Small size is very important. We’re very focused on small size.

We’re a deterministic solution. We’re much more accurate. So if you’re trying to do things like screw driving, accuracy becomes very important. We’re multi sensor. So again, if you want to bring multi sensor and mix voice and video together, we’re going to be a much better solution.

We’re multi motors. So if you want to do one motor, then a macro is fine. If you wanna do control many motors in FPGA, we could put 10 motors on one RF FPGA. If you wanna synchronize all these motors together so if you got many motors and you wanna synchronize them together, we’ve got fifteen eighty eight that allows you to have very accurate synchronization of all the motors together. Okay?

And then we are bringing different connectivity to the to the to the fold. So we could do Ethernet, but we currently have we’ve been approved for EtherCAT. So we were at Embedded World in Munich in March, and there, Beckhoff approved us for EtherCAT, which is going be very big in those type of applications. We also have other variety of proprietary communication protocols that our customers have done for motor control that we’re working with them on. So, you know, and we have a whole array of partners on the sensor side.

So we’ve got we’ve got many types of motors that we’re currently focused on in our in our partnership ecosystem. And very similar equation to the rest of ecosystems, so if you look at the ecosystem of partners we have beyond motors, we would have image sensor and lidars and radar, infrared, proximity, thermal, etcetera. Look, we we we have a partnership that today ships tens of billions of of different sensor and motors worldwide. So I think you you touched on a very good and differentiated point for us.

Anand Agarwal, JPMorgan, JPMorgan: We’ve probably got time for one last question. But if there are none, I will thank Lorenzo and Ford for their time. And thank you all for for joining us today.

Lorenzo Flores, CFO, Lattice: Thank thank you everybody.

Unidentified speaker: Good afternoon, everyone. I’m Samik Chatterjee, and I cover the hardware and networking companies at JPMorgan. For the next session, have the pleasure of hosting Amdocs. And from Amdocs, I have Shuky Sheffer, who’s the president and CEO, as well as Max Meht from, finance and investor relations.

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