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Dylan - this was a really helpful write-up. As I'm less familiar with the semiconductor business model - I'm curious if you have any further perspective on the 'public EDA vendors' you reference that design chips without fabs for someone like Global Foundries. Are there any successful case studies you could give of companies that have done this that I could explore further?

I guess my ultimate question is trying to determine how much of a moat and platform these vendors have once they get placed into a fab like Global Foundries. For example, going from a no revenue R&D business, to getting a fab agreement, to additional new applications. Does their product offering become commoditized as everyone races to reach their level or is it pretty defensible once you get the fab agreement given how tough it is to break into the production process? And ultimately what the margin structure of these vendors could look like over time.

I know that's an abstract question, but any direction you could point me in would be greatly appreciated. Or happy to chat offline if that's easier.

Thanks!

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