We Change China by Engaging With China

This summer, a little surprisingly, we learned that SMIC, one of the main foundries in China, they have successfully produced a 7-minute-meter chip. And then I think the second difficulty is where is China going to be even if we are super successful at not allowing them to use our equipment. In the context of Chinese capital markets, that doesn't matter. Yields are just not that important. They can run losses in a way that Western companies cannot. But it's perhaps preferable to the alternative, which is what we're witnessing now.