As we enter the mid-to-late second quarter of the year, with many major companies having already announced their Q1 2023 revenue performance, the market is still focused on when the tech industry will turn around. In terms of growth rate, the worst case scenario is around Q1 2023, but the growth in end-use demand is still weak. According to TSMC's Q1 statement and a lot of market information, inventory de-stocking is still the most important issue in 2023. Halfway through 2023, a pessimistic atmosphere still prevails in the global technology industry. For one thing, the Federal Reserve's interest rate hikes and the U.S. debt crisis have led to the emergence of systemic risks in the European and U.S. financial systems, with many leading financial institutions in potential insolvency. Even though the Federal Reserve Board intends to hold off on raising interest rates, the importance of raising interest rates has become higher than that of the U.S.-Russia war, which has led to a significant decline in global consumer spending and impacted the revenue performance of many first-tier chip makers since the rate hikes will be launched in the second half of 2022.