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Operator: Thank you for standing by, and welcome to the Nano Labs Limited Second Half 2025 Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to Mr.

Operator: Ladies and gentlemen, thank you for standing by. Welcome to Nano Labs Ltd's First Half of 2025 Earnings Conference Call. During today's call, all participants will be in listen-only mode.

Operator: Ladies and gentlemen, thank you for standing by. Welcome to Nano Labs Second Half of 2024 Earnings Conference Call. During today's call, all participants will be in listen-only mode.

The US AI industry is witnessing a wave of new developments led by Elon Musk’s $97 billion bid to takeover OpenAI, the same company he co-founded with Sam Altman.

AI is evolving rapidly with recent breakthroughs making it more accessible and efficient than ever.

The Federal Reserve's recent half-point rate cut is expected to benefit small-cap stocks more than large-caps due to their floating-rate debt.

Operator: Ladies and gentlemen, thank you for standing by. Welcome to Nano Labs First Half of 2024 Earnings Conference Call. [Operator Instructions].

Operator: Ladies and gentlemen, thank you for standing by. Welcome to Nano Labs' Second Half of Fiscal Year 2023 Earnings Conference Call. [Operator Instructions].

Operator: Ladies and gentlemen, thank you for standing by. Welcome to Nano Labs First Half of 2023 Earnings Conference Call.