The CPC market reached a TAM of US$233mn in 2O24, accounting for 9% of the total probe card market. CPCs are primarily used in testing display driver integrated circuits (DDIC), which are manufactured using mature process nodes. MPl is the leader in the CPC market with 25% of market share, followed by Nidec (10%) and STAR Technologies (7%). MPl currently has a monthly production capacity of 5oOk pins for CPC, and we expects the key suppliers, such as Novatek, Raydium, Ilitek and Himax. The VPC market reached a TAM of US$373mn in 2024, accounting for around 15% of the total probe card market. While the market appears fragmented, bariers to entry remain customization. VPCs are increasingly deployed in Al ASICs for cloud service providers (CSPs), networking chips, and general-purpose processors. The market delivered strong 30% Y/Y growth in 2024, driven by robust Al ASIC demand and an expanding development pipeline. MPI's VPC market share rose from 22% in 2023 to 31% in 2024, supported by its relationships with key customers such as Broadcom and Marvell. WinWay also generated 11% of its 2024 revenue from VPCs, mainly for testing NVIDIA's gaming GPUs and Grace CPUs. Looking ahead, we expect the VPC market to grow to US$1,338mn,