In a mature market, applications have the largest total addressable market (TAM), while hardware has the smallest.

“And in a mature market, the biggest, the biggest TAM is the apps, and you know, the smallest TAM is the, the hardware. Um, early on in cycles, it's inverted and, you know, the biggest markets are at the, at the, at the both top or bottom of the triangle, more of the, the physical hardware and then the infrastructure and then the apps.”