Q3 China is advancing the unified national market, with an urbanization rate of 67.9 percent and total retail sales surpassing 50 trillion yuan. As domestic demand expands, what structural opportunities does this vast, increasingly integrated market present for your portfolio, distribution channels and localization strategy? Does deeper market unification reduce operational fragmentation and compliance costs? How do you position your brand and product mix to capture demand from both top-tier cities and fast-growing lower-tier markets?

Michael Doogue: China's progress toward a unified national market is a meaningful structural advantage for Allegro. A more standardized and predictable operating environment reduces fragmentation and compliance complexity, allowing us to scale innovation more efficiently and consistently across the country. We are capturing this opportunity through a dual-track approach. In top-tier cities, we partner with leading innovators in xEVs, clean energy, robotics and AI to support next-generation architectures. At the same time, the unified market enables us to broaden our distribution reach into fast-growing lower-tier cities and emerging industrial hubs, bringing our magnetic sensing and power integrated circuit solutions — including high-efficiency XtremeSense? TMR technologies — to a wider customer base.