Jim Suva: I have different questions, one for George and one for Mike. I’ll ask them at the same time, and you all can answer them in any order. But George, in the past several years, you have gained significant market share, very significant. With the slowdown, I’m wondering if you’re seeing any share shifts. Are you continuing to gain share, or are you seeing any competitive pricing get even more aggressive? I know it’s a competitive market, but your past several years have spoken multiple leagues of share gains. And so, I’m just kind of wondering from that perspective. And then for Mike, can you comment on the FX? Are we looking at kind of maybe two more quarters and then a lapse or 3 or 4 more quarters because the FedEx — I’m sorry, the FX headwinds are very severe, and you’re still keeping your full year guidance, which is remarkable, but the FX, you simply can’t, just discredit it because it was so material. So, any looks of when we start to lap that? Thank you.
George Kurian: I think on the share part, our exposure to the large enterprise is bigger than some of our competitors. And so, I think in a down cycle, we will probably concede share given our exposure to those customers. I think the second is now that we have a more kind of full lineup of capacity flash arrays, I feel good that we can compete in all the segments of the flash market, which are key to driving share gains, and keep the hybrid flash segment where we have a strong offering moving forward. And then, I think, as I noted in my comments, we are going to better align our execution in the field so that we can more sharply focus on the storage market and more sharply focus on the cloud market in a more tailored go-to-market model for each.
Mike Berry: And Jim, it’s Mike. On your FX question, for a full year now, this is on revenue, we expect it to be about a 350 basis-point headwind for the full year, about 140 basis points in Q4 compared to 340 in Q3. I would expect that it would be almost zero, but slightly a headwind in Q1 and then lap in Q2.
Operator: The next question will come from Jason Ader with William Blair. Please go ahead.
Jason Ader: Hey George, are there any headwinds that you guys are seeing on the revenue side from NAND pricing coming down sharply on your AFA business? In other words, just street pricing because we know some of your competitors have kind of a cost-plus — cost model — margin model.
George Kurian: I think that overall customers’ budget in dollars, and so we segmented the market and the use cases quite distinctly for performance versus capacity flash. I don’t think there’s going to be material cannibalization between the two. I think it really comes down to customer budget dollars being available.
Jason Ader: Got you. So is it — is this different than what we saw back in, like, 2018, 2019 where NAND prices came down really drastically and it affected kind of revenue for the whole industry?
George Kurian: I think that we’ve always seen customers buy in dollars, and they budget in dollars. So, I think if you ask me right now, I don’t actually see the NAND pricing coming down being the real headwind. I really do think it’s customers’ budget and IT spending that’s the more material area of focus for us.
Operator: The next question will come from Meta Marshall with Morgan Stanley. Please go ahead.
