We hope everyone continues to stay healthy and safe and we hope you will join us again next quarter. So could you talk a bit about what -- I know you talk about the mega trends, but I'm curious if you're thinking about just what you mentioned also, like could next year have impact from the high base this year on the inventory buildup. Good afternoon, gentlemen. You just want to know management's view, the fact that TSMC's growth in 2020 is outpacing the foundry industry, can we break down what is driving this? Actually we see a very strong demand from our 7 nanometer and 5 nanometers technology. We also increased TWD30 billion in short-term loans and issued TWD36 billion of corporate bonds. Maybe I'll start with the second question first. We have said the mass production timing is in second half '22 versus typically the second quarter. In the interest of time, I think we'll take the last two callers on the line.Now I will talk about our N3 status. Go ahead, please.Okay. So we continue to have confidence in our technology and also our market share and so our growth.Thank you, Wendell. And so -- I'm not saying that -- in the recent quarter that in the long-term do you think that there is a threat, and you probably may lose market share to China players given they won the localization or you have any China strategy to accommodate to China's localization policy? Thanks.Do we feel that even for N5 that is applicable or...[Foreign Speech] Ladies and gentlemen, welcome to TSMC's Second Quarter 2020 Earnings Conference Call. Total operating expenses increased by TWD1.19 billion, mainly as TSMC supported a range of COVID-19 relief efforts. My first question, I wanted to ask a bit more on the capex raise, that's more a function of what you mentioned the forward demand outlook. What is the drivers for that and then what is the outlook for 2021 capex?Now let me turn the microphone over to our CFO.The next one to ask question is Bruce Lu, Goldman Sachs. Secondly, related to that, can you talk about your capex intensity structurally, whether this is -- this increase is temporary and whether this is pulled in from next year, therefore maintaining the longer-term intensity or how we should think about that? So my first one is wanted to get some -- get your brain about how do you evaluate the feasibility and probability of building up an advanced node fab without American contents, be it technology, equivalent IP material etc. And now currently there is a second wave of the pandemic in many countries. We concluded our second quarter with revenue of TWD310.7 billion or $10.4 billion, in line with our guidance given three months ago. Do we see still a strong migration of our customers from N7 to the ex N6?Finally, let me talk about our US fab plan. Basically Aaron wants to know, is the -- is our forecast for 5G smartphone in terms of units increased?Yes. So, Laura's question is related to the advanced packaging. Does it worth it or even -- even if it takes a long time with tremendous efforts would TSMC ever consider that? And therefore, we -- I think our main force is still pursuing the technology leadership, trying to overcome each generation's challenge. Our mature node or we call it specialty, our mature nodes I don't think actually is quite good except 28 nanometer. Operator, please proceed with the first caller on the line.Okay.
So, Bruce your first question is regards to N5 and N3. And therefore, we think Huawei's smartphone business will, most likely, they may strategize to stay by procuring general purpose products.Well, we do work with our customer closely, and we do see some increase on the demand of advanced packaging and therefore we try to enlarge our capacity, that's for sure.