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Good afternoon. I'm Katy Huberty, Morgan Stanley's Technology Hardware Analyst and I'm very pleased to welcome Simon Biddiscombe, President and CEO and Jean Hu, CFO of QLogic. Scott Schmitz, who also works with me on all the storage names is also up on stage. Before we begin I just have to say that my personal holdings disclosure, the Morgan Stanley on the Morgan Stanley corporate website www.morganstanley.com\reseach disclosures. So that will come and thank you very much for your time.
Just to start, I want to talk about one of the recent announcements that you made to the best of the Infiniband assets. Can you talk about why you made that decision and what opportunities that makes to invest in other areas?
Sure. So we started our investment in the Infiniband business back in the 2006 timeframe. We acquired both our host company and a switch company at that point in time and at point there was some expectation that Infiniband may have become a relevant data center network and technology that could potentially replace either fiber channel or Ethernet as a data center protocol of choice.
As time has passed that clearly hasn’t proven to be the case and the technology needs have evolved away from the core competencies that exist within QLogic and go to markets have evolved away from the core competencies that exist within QLogic. So if you go back to the infancy of the market, we were buying chips from Mellanox.