Thomas Diffely: Okay. Thanks. Maybe just last question. Are you guys getting at the atmospheric river coming your way or is that not a…
Megan Faust: Okay. Look, we’re holding. We don’t have any windows here. So, we can’t look outside, but thanks for the warning.
Thomas Diffely: Okay.
Operator: Thank you. Our next question comes from Craig Ellis with B. Riley Securities. Please state your question.
Craig Ellis: Yes. Thank you very much for taking the follow-up question. I just wanted to try to connect some dots and clarify a few comments that I heard so repeatedly there were comments on expecting strength later this year as 2.5D capacity opens up, and I’m interpreting that as more server GPU-related. And then, Giel, I think you mentioned that part of the expectation for the back half of the year is more of a recovery in PCs. And so I really wanted to dig into the PC comment. Is that PC comment something that you see as being driven more cyclically, which is what we’ve seen in much of the market, or is it really something related to more AI-automized PCs that have been discussed for the last couple of quarters by folks like Dell and others, that might have different packaging types that would stretch capabilities and needs into the 2.5D realm. Any clarification there would be appreciated.
Giel Rutten: Well, we expect the second half, let’s say, recovery on the PC side, mostly as it impacts Amkor, mostly for the ARM-based PCs, and then peripheral devices for the x86-based PCs. There is a memory component to that also. So, we see multiple components that we package, assembly — package and test, that go into PCs. But I would say the most prominent delta would be in the ARM-based PCs.
Craig Ellis: Got it. Makes sense. Thank you.
Operator: Thank you. And our next question comes from Joe Moore with Morgan Stanley. Please state your question.
Joseph Moore: Great. Thank you. In terms of the HPC AI part of the business, I know there were some news recently that there might be a third supplier of the advanced packaging there. Can you just talk about whether that has any impact on you? And just, is there a market share assumption that’s kind of underlying your expectations there?
Giel Rutten: Hi, Joe. With respect to the market, I think the capacity and the demand are still in on balanced, so there’s more demand than capacity in the markets, multiple parties bringing capacity online. I don’t know exactly which new source you refer to, but what I can say is that our customer portfolio for 2.5D packaging is increasing. We have two more customers, let’s say, ramping up by the end of this year. By the second quarter of this year, we also start our — what is called our on-substrate business with a new customer, and that adds also significantly to our revenue in the second half of the year. So there are multiple elements that contribute to a ramp in the second half. It’s a dynamic environment, but there is a consensus that demand and supply will be out of balance for a longer period of time.
Joseph Moore: Great. Thank you very much.
Operator: Thank you. At this time, I’m showing no further questions. I would like to turn the call back over to Giel for closing remarks.
Giel Rutten: Okay. Well, let me recap the key messages here. After a strong third quarter, Amkor delivered solid fourth-quarter performance with revenue of $1.75 billion, above the high-end of guidance. For full-year 2023, we met a cyclical downturn, Amkor outperformed the semiconductor industry. For the full year of 2024, we foresee the first half of the year to be muted but anticipate a strong second half with growth higher than typical seasonality, driven by expanding AI engagements, a new consumer wearable program, and further rebalancing of inventory within Android, automotive, memory, and PCs. Amkor has continued to elevate its leadership position by executing on its three strategic pillars. Advancing our technology leadership, expanding our broad geographic footprint, and strengthening engagements with lead customers in growth market. Thank you for joining the call today.
Operator: Thank you. Ladies and gentlemen, this concludes today’s conference call. You may now disconnect.
