Well, I dont get it. When the cycle in top of its pick, none of...

Well, I dont get it. When the cycle in top of its pick, none of big companies want to do M&A with huge premium plus hyped share price. They need to pay way more premium than bottom cycle. Investing on R&D more happen in top of the cycle. In bottom cycle, most companies try to reduce its expence and production and big companies are looking for buying potential company with lowest budget. Thats normally M&A happen. Some M&A happen in hype due to expanding supplyline or too much demand on certain companies. Offtakes more likely happen in top of the cycle I guess