Intel didn't exactly report stellar results for the past year and now news out of the US are reporting that the management team is in for big pay cuts, due to missing the earnings targets. Unfortunately the pay cuts aren't limited to management level employees only, as everyone "level 7" and above are affected. Level 7 appears to be some groups of mid-level employees, such as staff engineers. Intel is said to have 14 different employee levels, where fresh graduates start at level 3 and the CEO is level 14. Pat Gelsinger is expected to see a 25 percent cut to his base salary, with the leadership team seeing a 15 percent cut in their base salary.

However, VP's are only seeing a 10 percent pay cut and those below VP—to level 6—will see a five percent pay cut. This is said to go into effect on the first of March and it might seem like those employees at lower hiring tiers are getting away without a pay cut, but it's not quite that simple. Everyone else will see a pay freeze and incentives will be cut for all employees at Intel. This includes suspended quarterly profit sharing bonuses, no employee recognition program and the retirement plan contribution matching cut in half to 2.5 percent. The only perk left will be the annual bonus. Considering the current state of the world, the upside of all of this, is that Intel is at least not laying off any employees as of right now, at least not officially. That said, we might see some employees jumping ship to Intel's competitors, if they can offer a more attractive package. We should point out that the average salary at Intel is around US$134,000, so it's unlikely that most of its employees will suffer due to the reduction in pay.

Yesterday, Intel reported that the company experienced one of the most challenging quarters and year overall revenue results, which led the company's share price to plummet and erase almost 10 billion dollars from its market cap. Amid the economic downtrend, the company is preparing to axe unnecessary developments and research costs that it would get in low-margin markets. Today, this has been reflected in the company's network switch business and the RISC-V pathfinder program. In 2019, the company acquired Barefoot Networks, which ended up in a line of Tofino series of standalone network switches. Apparently, this has been a low-margin or unprofitable business for Intel. "NEX continues to do well and is a core part of our strategic transformation, but we will end future investments in our network switching product line, while still fully supporting existing products and customers," noted Intel CEO Pat Gelsinger, adding, "Since my return, we have exited seven businesses, providing in excess of $1.5 billion in savings". Intel NICs are not affected, and the company's investments in other networking businesses continue.

Additionally, the company is also doing a shutdown of its RISC-V Pathfinder program. Thanks to Yusuke Ohara, who questioned Intel's Pathfinder for RISC-V program support, we have information that the company is discontinuing the program "effective immediately." The support also advises that Intel will not provide additional advancements or bug fixes, so everyone should consult 3rd parties for any software and development.

Intel Corporation today reported fourth-quarter and full-year 2022 financial results. The company also announced that its board of directors has declared a quarterly dividend of $0.365 per share on the company's common stock, which will be payable on March 1, 2023, to shareholders of record as of February 7, 2023.

"Despite the economic and market headwinds, we continued to make good progress on our strategic transformation in Q4, including advancing our product roadmap and improving our operational structure and processes to drive efficiencies while delivering at the low-end of our guided range," said Pat Gelsinger, Intel CEO. "In 2023, we will continue to navigate the short-term challenges while striving to meet our long-term commitments, including delivering leadership products anchored on open and secure platforms, powered by at-scale manufacturing and supercharged by our incredible team."

Intel Corporation today announced that Frank D. Yeary has been appointed as the new independent chair of its board of directors. This follows Dr. Omar Ishrak's decision to step down as chair. Ishrak will remain on Intel's board as an independent director and continue to serve on the audit and finance committee and corporate governance and nominating committee.

"I'm pleased to welcome Frank as chair of Intel's board. His expertise in unlocking stockholder value, focus on corporate governance and familiarity with Intel are powerful assets to both the board and the company as we execute our strategy," said Pat Gelsinger, CEO of Intel. "I also want to thank Omar for his tremendous contributions as chair. He was instrumental in bringing me back to the company as CEO and has fostered a high-impact working dynamic across the board and management team. I look forward to his continued service as a valued member of the board."

Intel CEO Pat Gelsinger, in an interview with CNN at WEF Davos, stated that semiconductor chip supply chains will have a greater influence on geopolitics than oil supply-chains over the next 50 years. Modern civilization is increasingly digitized, and most modern conveniences are "chipped" and connected in some form, which would put the chip-producing nations, or entities producing/supplying the chips at a distinct geopolitical advantage, similar to the oil-producing ones today. The location of "oil reserves [has] defined geopolitics for the last five decades," Gelsinger said; "where the technology supply chains are, and where semiconductors are built, is more important for the next 5 decades," he added.

We caught a taste of exactly what he meant when global semiconductor supply chains buckled around 2020-onward, hitting a multitude of other industries, including automobiles, construction, remote-work, consumer electronics, and much more. Unlike oil, which is a geographically constrained being a natural resource, chips can be manufactured almost anywhere, dictated only by geopolitical, trade, and IP barriers. Gelsinger calls for a much wider geographic spread of chip-production, so the supply-chains get resilient to disruptions due to unforeseen events. "We need this geographically balanced, resilient supply chain," he said. Gelsinger is at the forefront of advocating semiconductor manufacturing on U.S. soil to not only meet local demand, but also contribute to global supply-chain resilience. The CHIPS Act passed by U.S. Congress in 2022 will oversee more than $200 billion in public investments on semiconductor manufacturing and tech-research in the U.S.

Intel's third quarter financials that the company released yesterday, weren't exactly what you'd call stellar. This has put Intel CEO Pat Gelsinger in a bind, as he's been forced to announce cost cuts of US$3 billion annually, starting 2023, but that it'll grow to somewhere between US$8 to 10 billion by 2025. Although Gelsinger didn't reveal the specifics of what these cost cuts will entail, he did mention quite a few potentials, according to The Register. Gelisinger stated that Intel "need to balance increased investment in areas like leadership in [technology development], product, and capacity [at new plants under construction] in Ohio and Germany, with the efficiency measures elsewhere as we drive to have best in class structures."

Intel's CFO David Zinsner, told Barron's that the company will be cutting a "meaningful number" of employees from Intel's payroll. Zisner went on to say that Intel will also perform "portfolio cuts, right-sizing our support organizations, more stringent cost controls in all aspects of our spending, and improved sales and marketing efficiency". It sounds like almost no-one is safe at Intel, especially as portofolio cuts mean that some product lines will either be sold off, or simply just canned in favour of more profitable products. Intel is also betting hard on its IDM 2.0 strategy, where the company is decoupling its hardware and software design teams from its foundry business. Time will tell if this helps restart Intel as a business, but Gelsinger seems to believe that the changes he's implementing at Intel will help turn things around.

Intel Corporation today reported third-quarter 2022 financial results. "Despite the worsening economic conditions, we delivered solid results and made significant progress with our product and process execution during the quarter," said Pat Gelsinger, Intel CEO. "To position ourselves for this business cycle, we are aggressively addressing costs and driving efficiencies across the business to accelerate our IDM 2.0 flywheel for the digital future."

"As we usher in the next phase of IDM 2.0, we are focused on embracing an internal foundry model to allow our manufacturing group and business units to be more agile, make better decisions and establish a leadership cost structure," said David Zinsner, Intel CFO. "We remain committed to the strategy and long-term financial model communicated at our Investor Meeting."

Intel CEO Pat Gelsinger sent the following statement announcing creation of an internal foundry model for external customers and Intel product lines and the creation of the IDM 2.0 Acceleration Office, under the leadership of Stuart Pann, to all company employees on Oct. 11: When I returned to Intel in 2021, I introduced our IDM 2.0 strategy: a multiyear journey to regain unquestioned technology leadership, manufacturing scale and long-term growth. Today, we begin the next phase of our IDM 2.0 journey.

In the first phase of our transformation, we made significant progress on our process roadmaps and capacity. We remain on track to deliver five process nodes in four years, and we've invested in the capacity required to meet the industry's demand for semiconductors, bringing much-needed balance to the global supply chain.
The next phase of our IDM 2.0 journey requires a fundamental shift in mindset. We must embrace an internal foundry model, not only for our external customer commitments but also for our Intel product lines. This is a significant evolution in how we think and operate as a company, but the systems and infrastructure that served us well in the IDM 1.0 world will not enable us to achieve the full potential of IDM 2.0.

Intel CEO Pat Gelsinger in his InnovatiON keynote address exclaimed that Moore's Law is "alive and well," and that Intel is poised to be its faithful steward into this decade. Intel Foundry will "exhaust the periodic table" to find materials that advance silicon fabrication. The company plans to release four new semiconductor fabrication nodes in 5 years, and stated that the company's 18A node is close to building test chips on. The company hopes to see transistor-counts grow from nearly-100 billion transistors per package, to a trillion transistors per package in a decade. Gelsinger's statement comes hot on the heels of a statement by another tech giant—Jensen Huang of NVIDIA, who declared Moore's Law dead recently.

It appears that we're slowly getting closer and closer to the official launch of Intel's upcoming Arc A770 and Arc A750 graphics cards, as Intel's CEO, Pat Gelsinger, just became the proud owner of the first Arc A770 graphics card. According to a tweet by Pat, he "got a surprise delivery on a rainy Sunday evening from @RajaXG", the latter being Raja Koduri. Pat continued "We are now getting first batch of A770 cards ready for retail …excited!".

Intel has yet to reveal a firm launch date for the Arc A770 and Arc A750 graphics cards, but unless the company launches very soon, the boat might very well have sailed for its first generation of new graphics cards. Summer is already long gone (officially summer ends on the 23rd of September), although Intel has its Innovation event coming up on the 27th of this month and it's possible that the company will launch its higher-end Arc graphics cards then, alongside the it's 13th generation of Core desktop CPUs.

Today, President Joe Biden joins Intel, Ohio Gov. Mike DeWine and other federal, state and local officials to celebrate breaking ground in the Silicon Heartland on two of the world's most advanced chipmaking facilities. As part of Intel's commitment to develop a skilled talent pipeline for its two new leading-edge chip fabs, Intel also announced the first phase of funding for its Ohio Semiconductor Education and Research Program. During this first phase, Intel is providing $17.7 million for eight proposals from leading institutions and collaborators in Ohio to develop semiconductor-focused education and workforce programs.

"Today marks a pivotal moment in the journey to build a more geographically balanced and resilient semiconductor supply chain. The establishment of the Silicon Heartland is testament to the power of government incentives to unlock private investment, create thousands of high-paying jobs, and benefit U.S. economic and national security. We would not be here today without the support of leaders in the administration, Congress and the state of Ohio, who share a vision to help restore the United States to its rightful place as a leader in advanced chipmaking," said Pat Gelsinger, Intel CEO.

During Evercore ISI TMT conference, Intel announced that the company would continue to lose market share, with a possible bounce back in the coming years. According to the latest report, Intel's CEO Pat Gelsinger announced that he expects the company to continue to lose its market share to AMD as the competition has "too much momentum" going for it. AMD's Ryzen and EPYC processors continue to deliver power and efficiency performance figures, which drives customers towards the company. On the other hand, Intel expects a competing product, especially in the data center business with Sapphire Rapids Xeon processors, set to arrive in 2023. Pat Gelsinger noted, "Competition just has too much momentum, and we haven't executed well enough. So we expect that bottoming. The business will be growing, but we do expect that there continues to be some share losses. We're not keeping up with the overall TAM growth until we get later into '25 and '26 when we start regaining share, material share gains."

The only down years that are supposed to show a toll of solid competition are 2022 and 2023. As far as creating a bounceback, Intel targets 2025 and 2026. "Now, obviously, in 2024, we think we're competitive. 2025, we think we're back to unquestioned leadership with our transistors and process technology," noted CEO Gelsinger. Additionally, he had a say about the emerging Arm CPUs competing for the same server market share as Intel and AMD do so, stating that "Well, when we deliver the Forest product line, we deliver power performance leadership versus all Arm alternatives, as well. So now you go to a cloud service provider, and you say, 'Well, why would I go through that butt ugly, heavy software lift to an ARM architecture versus continuing on the x86 family?"

Jon Peddie Research (JPR) provides some of the most authoritative and informative market-research into the PC graphics hardware industry. The firm just published a scathing editorial on the future of Intel AXG (Accelerated Computing Systems and Graphics), the business tasked with development of competitive discrete GPU and HPC compute accelerators for Intel. Founded to much fanfare in 2016 and led by Raja Koduri since 2016; AXG has been in the news for the development of the Xe graphics and compute architecture, particularly with the Xe-HP "Ponte Vecchio" HPC accelerator; and the Arc brand of consumer discrete graphics solutions. JPR reports that Intel has invested several billions of Dollars into AXG, to little avail, with none of its product lines bringing in notable revenues for the company. Xe-LP based iGPUs do not count as they're integrated with client processors, and their revenues are clubbed with CCG (Client Computing Group).

Intel started reporting revenues from the AXG business since Q1-2021, around which time it started selling its first discrete GPUs as the Intel DG1 Xe MAX, based on the same Xe-LP architecture powering its iGPUs. The company's Xe-HPG architecture, designed for high-performance gaming, was marketed as its first definitive answer to NVIDIA GeForce and AMD Radeon. Since Q1-2021, Intel has lost $2.1 billion to AXG, with not much to show for. The JPR article suggests that Intel missed the bus both with its time-to-market and scale.

The US Congress hasn't been able to agree on passing what is known as the CHIPS Act, which consists of some US$52 billion in subsidies for semiconductor manufacturers and it appears that Intel isn't very pleased. As such, the company is said to have put the brakes on the groundbreaking ceremony for its planned Ohio fab, which was meant to take place on the 22nd of July. Intel allegedly sent out an email to various state and federal lawmakers that it has placed the ceremony on hold, indefinitely due to the lack of progress on the CHIPS Act. In an official response from Intel to the Register, the company said that the event hasn't been rescheduled, which the publications says means that there's no new date planned for the groundbreaking ceremony.

It will apparently still be held at some point, but the Intel spokesperson had no answer when questioned if the ceremony was contingent on the CHIPS Act. However, the Register was told that the planned construction start date remains unchanged, for now. That said, Intel also issued a statement saying "the scope and pace of our expansion in Ohio will depend heavily on funding from the CHIPS Act.", which was also part of the initial press release back in January when the fab plans were announced. If the CHIPS Act doesn't happen, Intel's plan seems to be to focus on countries outside of the US where the company is getting subsidies, although the Ohio fab is still likely to be built, just at a slower pace. Intel's CEO, Pat Gelsinger hasn't been mincing his words either, having told Congress "We've already wasted several quarters since the Senate acted last year, and now it's time for us to move forward rapidly," back in March.

Intel's revamped IDM 2.0 strategy has seen the company revise its stance in both in-house and outsourced silicon fabrication. While we're already seeing the fruits of Intel's collaboration with TSMC (albeit at the relatively slow pace of introduction for Intel's Arc Alchemist graphics), it seems that Intel is willing to go much farther than just TSMC as a source of chips for its product portfolio.

That's the backdrop to which Intel CEO Pat Gelsinger recently took a trip to South Korea's capital of Seoul. According to the Korea Herald, Gelsinger met several key Samsung executives, including Samsung Electronics Vice Chairman Lee Jae-yong, co-CEO and chip business boss Kyung Kye-hyun, and head of Samsung Mobile Roh Tae-moon. More than enough executive grunt to ignite talks of a deepening collaboration between both companies. While the reporting source doesn't provide any quotes or actionable intel from the meeting, Samsung remains one of the key semiconductor manufacturers alongside Intel itself and TSMC, with a particularly strong portfolio in memory-related technologies.

In an interview with CNBC's TechCheck, Intel CEO Pat Gelsinger said he expected the chip shortage to continue to drag on, at least until 2024. Unfortunately he didn't go into too much detail as to why, beyond there being an equipment shortage, which in turn will slow down the speed at which new fabs can be put online. In other words, Intel is pointing fingers at ASML and other companies that manufacture the various types of equipment that is needed to manufacture semiconductors.

Intel is the first company to have publicly said that the semiconductor shortage will continue longer than initially expected, where most companies expected things to ease off towards the end of this year, or at least sometime in 2023. The shortage isn't likely to affect Intel when it comes to products the company manufactures in-house, but if the shortage continues into the foreseeable future, it might have a bigger knock-on effect when it comes to the wide ecosystem that Intel is reliant on, such as motherboards. The other concern is obviously Intel's products that are being manufactured by TSMC, where the company is likely to see increased competition when it comes to getting access to enough capacity at certain production nodes.

At the end of 2021, there was quite a lot of noise when it came to India's homegrown semiconductor fab initiative, where the nation was trying to win over Intel, as well as some other semiconductor manufacturers. It would appear that the Indian government has stepped up its efforts and is now actively pitching to Intel, GlobalFoundries and TSMC. The main person behind this is said to be Rajeev Chandrasekhar, the minister of state for technology and entrepreneurship and a former Intel engineer. So far it seems like Chandrasekhar hasn't gotten very far according to the article The Economic Times, where he states that "We're meeting the CEOs, talking to them, making presentations."

On the other hand, recent news has suggested that Foxconn is interested in setting up some kind of foundry in India, in a partnership with local Vedanta Group. It's unclear what kind of semiconductors this would be for though, especially as Vedanta is mostly in the mining industry. The various Indian states are said to be very keen on the other hand, both in terms of getting new industry, but also in getting new investments. Earlier this month, during his tour of several Asian countries, Intel's CEO, Pat Gelsinger had a meeting with the Indian Prime Minister, Narendra Modi, but what came of that meeting is unclear. India is hoping to be able to reproduce the success it has had when it comes to manufacturing smartphones locally, with Samsung, Nokia and Xiaomi producing locally, as well as Taiwanese Foxconn, Wistron and Pegatron, who contract manufacture Apple devices. However, semiconductors are far more complex to make than smartphones, so if India isn't willing to play the long game, it's unlikely much will come of its attempts to attract semiconductor foundries.

Industry reports and sources in the financial community have placed Apple and Intel as the two premier customers for TSMC's upcoming N2 node. N2, which is expected to enter volume production by the end of 2025, will be TSMC's first manufacturing process making use of GAAFET (Gate-All-Around Field-Effect Transistor) design. If there are no significant market upheavals or unexpected snags in technology transition, TSMC will be late to the GAAFET party, following Samsung's 3GAE node in 2023 and Intel's first Angstrom-era process, Intel 20A, in 2024.

While Apple's uptake on TSMC's latest manufacturing technology is practically a given at this point, the fact that Intel too is taking up TSMC's N2 node showcases the company's evolved business tactics after the introduction of its IDM 2.0 strategy (IDM standing for Integrated Device Manufacturer, meaning Intel too will fabricate chips according to clients' specs). While pre-Pat Gelsinger was seemingly scared of touching any other foundries' products - mostly from the fact that Intel does have its own significant manufacturing capabilities and R&D, after all - the new Intel is clearly more at peace with driving its competitor's revenues.

After months of rumors and speculations, it looks like we are finally going to receive official information from Intel regarding the exact country the company plans to do semiconductor R&D and manufacturing in within Europe. Today, the company published its media alert post, showing that we are finally going to receive exact information tomorrow. As we have previously reported, the current round of suggestions led to Intel building a fab inside Germany; however, it still remains to be confirmed. Once the information is out, we are going to report on it and finally see where team blue is headed next. You can find the announcement below.

As part of its IDM 2.0 strategy, Intel is committed to investing in research and development (R&D) capabilities and manufacturing capacity to meet the surging demand for advanced semiconductors and to build a more resilient, globally balanced supply chain.

Join a webcast with CEO Pat Gelsinger where he will share details of Intel's latest plans for in semiconductor R&D and manufacturing in Europe.

When: 6 a.m. PDT (2 p.m. CET), Tuesday, March 15
Where: Watch live on the Intel Newsroom.
Event Replay: A video replay will be available on the Intel Newsroom following the webcast.

Intel Corporation today announced that Christoph Schell has been appointed executive vice president and chief commercial officer to lead the Sales, Marketing and Communications Group (SMG), starting March 14. Schell will succeed Michelle Johnston Holthaus, who will take on a new role as general manager of Intel's Client Computing Group (CCG).

"Christoph has an exceptional track record of driving innovative and disruptive go-to-market strategies around the globe. He brings expertise in understanding business segments, verticals and the solutions and services customers want," said Pat Gelsinger, Intel CEO. "We are harnessing our core strengths as an advantage to grow in our traditional markets and accelerate our entry into new ones. I'm confident Christoph is the right leader to take on this critical role and guide the talented SMG organization to achieve our growing ambitions."

Schell joins Intel from HP Inc., where he was most recently chief commercial officer. With his go-to-market team, he led customer and partner success, category management and customer support globally. During his 25 years with the company, Schell held various senior management roles across the globe, including president of 3D Printing & Digital Manufacturing. Prior to rejoining HP in 2014, Schell served as executive vice president of Growth Markets for Philips, where he led the lighting business across Asia Pacific, Japan, Africa, Russia, India, Central Asia and the Middle East. He started his career in his family's distribution and industrial solutions company and worked in brand management at Procter & Gamble.

Intel on Thursday (17/02/2022), hosted its 2022 Investor Meeting and outlined key elements of the company's strategy and path to long-term growth during an era of unprecedented demand for semiconductors. The event included a series of announcements at both a corporate and individual business unit level, including more details of the company's Smart Capital strategy, product roadmaps across its new reporting segments and key execution milestones.

"The continued proliferation of technology is driving sustained, long-term demand for semiconductors, creating a $1 trillion market opportunity by 2030," said Pat Gelsinger, Intel chief executive officer. "With that opportunity in mind, today we outlined our strategy and roadmap for accelerating to 10%-12% year-over-year revenue growth by 2026 by doubling down on innovation, driving even deeper collaboration with our customers and partners, and leveraging our core strengths to successfully grow traditional markets and disrupt new ones. Our goals are ambitious, but I'm confident we have the right strategy and right team to achieve them and to deliver long-term value for our shareholders."

At Intel's 2022 Investor Meeting, Chief Executive Officer Pat Gelsinger and Intel's business leaders outlined key elements of the company's strategy and path for long-term growth. Intel's long-term plans will capitalize on transformative growth during an era of unprecedented demand for semiconductors. Among the presentations, Intel announced product roadmaps across its major business units and key execution milestones, including: Accelerated Computing Systems and Graphics, Intel Foundry Services, Software and Advanced Technology, Network and Edge, Technology Development, More: For more from Intel's Investor Meeting 2022, including the presentations and news, please visit the Intel Newsroom and Intel.com's Investor Meeting site.

Intel Corporation today reported fourth-quarter and full-year 2021 financial results. The company also announced that its board of directors approved a cash dividend increase of five percent to $1.46 per share on an annual basis. The board declared a quarterly dividend of $0.365 per share on the company's common stock, which will be payable on March 1 to shareholders of record as of February 7.

"Q4 represented a great finish to a great year. We exceeded top-line quarterly guidance by over $1 billion and delivered the best quarterly and full-year revenue in the company's history," said Pat Gelsinger, Intel CEO. "Our disciplined focus on execution across technology development, manufacturing, and our traditional and emerging businesses is reflected in our results. We remain committed to driving long-term, sustainable growth as we relentlessly execute our IDM 2.0 strategy."

Rather unusually, Intel announced its latest chip fab plans not via a press release, but via an exclusive article in TIME magazine. It seems like an unusual strategy, as these kinds of things are normally not announced in this kind of fashion, especially as TIME doesn't exactly have close ties with Intel, nor the semiconductor industry as a whole, but maybe this is Intel's new way of trying to change the image of the company. Either which way, Intel is apparently planning on building no less than two fabs on the 1,000 acre (~4 square kilometer) site in New Albany, Ohio, which should be the workplace of some 3,000 people once it stands ready in 2025.

The article quotes Pat Gelsinger saying "Our expectation is that this becomes the largest silicon manufacturing location on the planet," as Intel has the option to double the land for its new fab site and apparently has plans for as many as eight fabs at the location. Additional fabs obviously depends on demand and crucially if Intel manages to full off its contract foundry business, since without it, it seems unlikely that Intel is going to need the additional six fabs in the foreseeable future, especially as Intel is in the final stages of finishing its new fab in Ireland, while also planning to announce a location for yet another fab somewhere in Europe and let's not forget Arizona. The TIME article goes into a lot more details as to what the new fabs mean for Ohio, but doesn't go into much more detail about Intel's plans for its future fabs there.

Update: Official press release below.

Pat Gelsinger is planning a trip to Asia next week, where he'll stop over in Taiwan and Malaysia according to Bloomberg. There he's apparently planning to hold talks that show that manufacturing in Asia is a key part to his efforts of turning Intel's fortunes around. It's said that he'll also be meeting with TSMC.

This will be Gelsinger's first trip to Asia as Intel's CEO, largely due to the pandemic, although outside of meeting with TSMC, his schedule wasn't further mentioned, but it's likely he will be meeting with key partners and suppliers. Intel does some of its chip packaging in Malaysia, on the island of Penang to be more specific, where plants have been temporarily closed due to the pandemic, which in turn has hurt supply for the tech companies located there.