Micron Technology, Inc.

Thank you for standing by, and welcome to Micron Technologies post-earnings analyst conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. To remove yourself from the queue, you may press star 1-1 again. I would now like to hand the call over to Satya Kumar, Investor Relations. Please go ahead.

Thank you, and welcome to Micron Technologies Fiscal Fourth Quarter 2025 Post-Earnings Analyst Call. On the call with me today are Sumit Sardana, Micron's Chief Business Officer, Manish Bhatia, EVP of Global Operations, and Mark Murphy, our CFO. As a reminder, the matters we're discussing today include forward-looking statements regarding market demand and supply, market trends and drivers, and our expected results and guidance in other matters. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today. We refer you to documents that we have filed with the SEC, including our most recent Form 10-Q and upcoming 10-K for a discussion of risks that may affect our results. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, and achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results. With that, we can now open up for Q&A.

Thank you. As a reminder, to ask a question, you will need to press star 1-1 on your telephone. Please limit yourself to one question and one follow-up to allow everyone the opportunity to participate. Please stand by while we compile the Q&A roster. Our first question comes from the line of Tom O'Malley of Barclays. Please go ahead, Tom.