We had the opportunity to visit 11 companies during our tour across S. Korea and Taiwan, including Samsung, SK Hynix, Nanya, LG Electronics, MediaTek, Hon Hai, Inventec, GUC, Unimicron, ChipMOS, and Vanguard. We very much appreciate the investors who travelled with us on the trip and each company for taking the time to meet with us. Our feedback on each company is attached. Memory IC takeaways Bit growth is tracking ahead of initial plans for CQ2, led by server and smartphone. This appears driven somewhat by customers procuring ahead of expected price hikes. Memory remains the lifeblood of AI/high-performance servers, and Hynix''s AI sales could grow 5x in ''23 to 5-6% of sales. Pricing/inventory takeaways Pricing appears firm at foundry partners this cycle, though capacity is freeing up. Inventory remains elevated across the space, but most companies expect a return toward normal levels by year end. Capex/EUV takeaways The growing use of EUV lithography at smaller process geometries underscores the cost competitiveness of this technology. The challenge, however, is that this is being used as a tool to restrict supply in certain geographies. Server takeaways Server shipments at ODMs fell ~30% Q/Q and the outlook for CQ2 doesn''t appear robust. Seasonal improvement is expected in the 2H, though there is a growing dichotomy in the outlook for 2023 between traditional enterprise, China hyperscalers, and US hyperscalers. PC and smartphone takeaways We think there is some risk to the market forecast of smartphones declining low singles in ''23, which assumes mid-teens growth H/H. The mix of 5G units will improve, but 5G infrastructure investment appears limited. PCs appear to show signs of a recovery.