Sustainability of memory profitability bodes well for the semicap equipment suppliers. We believe the complexity increases on next-generation DRAM and NAND manufacturing architectures and rising equipment spend per wafer is providing even more incentive to the memory suppliers to drive sustainably higher levels of profitability in order to continue to fund their next generation manufacturing roadmaps and remain competitive. Sustainability of memory profitability should drive sustainability of equipment spending – and this is supportive ofour positive view on the semicap equipment sector.