Based on our primary research, demand for TSEM’s SiPho products remains robust and capacity-constrained. We see potential for a 2Q beat and a 3Q raise, despite likely softness in RF-SOI. TSEM is well positioned to benefit from strong SiPho transceiver demand, with high-speed pluggables remaining the core growth driver over the coming years, while NPO from 2H27 and CPO from ’28+ provide incremental upside.