Solid demand. Despite significant negative impact of COVID-19 on economic growth, surprisingly, overall tech demand held up quite well in 2020, with demand for notebooks globally and 5G phones in China particularly strong. Our underlying structural positive view on tech has been anchored on two key product cycles—5G and cloud/datacentre (and related AI/ML and data analytics applications). Demand for both these themes turned out quite robust even in 2020 (over the year we raised our 5G unit forecasts for 2020/21 by 4-5% to 257 mn/528 mn), and we expect these two themes to stay strong throughout 2021 and beyond. While there are some concerns (‘WFH’ demand fading; inventory), we believe that positive drivers of demand will end up outweighing the negative drivers.