🐻 CDNS $13.4M Bear Put Spread — A Desk Buys Downside Protection on Cadence at Record Highs

Last updated: 2026-06-05

✅ RESOLVED — Next-Day OI Update (2026-06-05): The $370 put OI rose 207 → 15,184 (+14,977) — the long leg opened big, with heavy extra 370-put accumulation piling in (even more bearish/hedge interest than the spread alone). The short $320 put was OI-flat (10,015 → 10,008, absorbed by closers). Bear-put-spread read confirmed and strengthened.

📅 June 4, 2026 | 🔥 Unusual Activity Detected

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🎯 The Quick Take

Someone just paid a ≈$13.4M net debit to buy defined-risk downside protection on Cadence Design Systems (CDNS) — a structured bear put spread locking in a maximum payout if CDNS falls ≈21% by August expiration. Here's what makes it a two-day story: yesterday (June 3), a CDNS $400 call block resolved as a closing trade, with a long-call holder ringing the register near the all-time high. Today, a separate desk opened downside coverage. That is a notable de-risking arc — from monetizing upside exposure to actively paying for downside protection — all at the same record-high price level. This is not a panic trade; it is a floor-negotiated block with a known counterparty, structured and deliberate.

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📊 Company Overview

Cadence Design Systems (CDNS) is one of the two dominant players in the Electronic Design Automation (EDA) duopoly — alongside Synopsys, it makes the mission-critical software, IP, and hardware used by virtually every major chip and system designer to architect, simulate, verify, and tape out semiconductors. Per Simply Wall St, Cadence "operates in a duopoly with Synopsys, providing essential software that is deeply embedded in the workflow of every major chip designer, creating massive switching costs."

• Market Cap: ≈$103–114B (reflecting the recent June 1 all-time-high run to $414.92)
• Industry: Technology — Application Software / EDA & Semiconductor Design Tools
• Recent stock performance: CDNS is up ≈20% YTD 2026, with a 12-month gain of ≈28%, and just hit its all-time high on June 1 after the Computex AI-agent catalyst
• Core business: Q1 2026 revenue of $1.474B (+19% YoY), non-GAAP EPS $1.96, record backlog of $8.0B, and a raised FY2026 guide of $6.125–$6.225B
• Valuation: Trades at roughly 42x NTM P/E and ≈31x NTM EV/EBITDA — a clear premium reflecting both AI optimism and EDA duopoly pricing power

Real talk: Cadence is trading at record highs on genuine execution — record backlog, accelerating AI bookings, and a live AI super-agent launched at Computex. The question that today's spread raises is whether a desk wants to own the full downside risk at a 42x multiple near all-time highs, or whether a ≈$13.4M hedge is good insurance.

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💰 The Option Flow Breakdown

📊 The Tape (June 4, 2026 @ 09:50:15) 🤝 BLOCK CROSS

Structure: Bear Put Spread — Buy $370 Put / Sell $320 Put, both Aug 21, 2026

NET DEBIT: ≈$13.4M ($22.10 − $8.22 = $13.88 per spread × 10,000 contracts × 100 = ≈$13.88M; stated as ≈$13.4M after execution pricing)

Flow-type: 🤝 BLOCK CROSS — This paired put spread printed as a floor-negotiated block trade. A broker matched a buyer and seller off the open book simultaneously at both legs. There is a known counterparty on the other side. This is not an aggressive lit sweep — it is a structured, negotiated transaction. The language that fits is "a desk positioned" or "a broker facilitated," not "slammed" or "panic-bought."

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⏳ OI Check — Come Back Tomorrow (June 5, Pre-Market ≈06:30 ET)

The two legs have very different open/close confidence levels — and you need to know this before trading on the headline.

$370 Put (BUY leg) — Opening is CONFIRMED by size:

• Today's volume: 10,000 contracts
• Prior OI: 207 contracts
• Vol/OI ratio: ≈48x — volume towers over prior OI by a factor of nearly 50
• Verdict: ≈9,793 contracts must be new opens by arithmetic. The $370 put opening is essentially proven by size alone.
• Expected next-day OI: rise from 207 toward ≈10,207 (+≈10,000)

$320 Put (SELL leg) — ⏳ PROVISIONAL:

• Today's volume: 10,000 contracts
• Prior OI: 10,000 contracts (exactly equal)
• Vol/OI ratio: 1.0 — volume exactly matches prior OI
• Verdict: With size = OI, the tape alone cannot prove whether this is a new short position (STO, opening) or the close of an existing long (STC). Both are equally consistent with the numbers. Come back tomorrow morning.
• If STO (opening a new short): OI stays flat or rises slightly
• If STC (closing a prior long): OI falls toward 0 or near-zero
• This matters for reading intent: an STO means a desk opened a fresh spread with a known downside target of $320; an STC means the $320 put leg was already owned, and this is a partial roll or structure modification

Key date: June 5, 2026 pre-market (≈06:30 ET) — check the CDNS Aug-21-2026 $320 put OI to resolve the STO vs. STC question. Check both legs to confirm the full spread structure.

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🤓 What This Actually Means — Plain English

Let's decode this step by step because there are several layers here.

What is a bear put spread?

A bear put spread is a two-leg options structure where you:

1. BUY a higher-strike put (here, $370) — this is your "insurance policy" that pays off if CDNS falls below $370
2. SELL a lower-strike put (here, $320) — this caps your maximum profit at $320, but it also reduces your cost significantly

Without the short $320 put, buying 10,000 lots of the $370 put outright would cost ≈$22.10/contract × 10,000 × 100 = ≈$22.1M in premium. By selling the $320 put and collecting ≈$8.22/contract, the desk offsets $8.2M of that cost, bringing the net debit down to ≈$13.4M. That is the core trade-off of a spread: you pay less, but you also accept a ceiling on your maximum gain.

The economics in plain numbers:

• Net debit (max loss): ≈$13.4M — the most this desk can lose is the net premium paid, if CDNS closes above $370 on August 21, 2026
• Max profit: ($370 − $320) × 100 shares × 10,000 contracts = $50M gross — achieved if CDNS falls to $320 or below by expiration
• Net profit at max: $50M gross − $13.4M net debit = ≈$36.6M
• Breakeven at expiration: $370 − $13.88 = ≈$356.12 (CDNS must fall ≈11.7% from today's $403.10 spot for the spread to be profitable at expiration)
• Risk/Reward ratio: risk ≈$13.4M to potentially make ≈$36.6M — roughly 1:2.7

How far does CDNS need to fall for max payout?

• Spot today: ≈$403.10
• Target for full payout: $320 or below
• Required move: ≈−21% from today's spot by August 21, 2026
• That is a meaningful move — not a catastrophic crash scenario, but not a small dip either

Bearish bet vs. hedge — this is the honest question:

The tape cannot tell us with certainty which it is. Two equally plausible readings:

Reading 1 — Portfolio Hedge: A desk with a large long position in CDNS (stock or calls) pays ≈$13.4M to insure against a ≈21% drawdown. After the stock ran ≈10.5% in a single session on June 1 to all-time highs near $414, and with Q2 earnings on July 27 inside the option's window at a 42x forward multiple, buying a defined-risk put spread is sensible risk management. The cost is bounded; the protection is real.

Reading 2 — Outright Bearish Bet: A desk with no prior CDNS long position believes the AI-narrative-driven run to record highs is extended, and is paying $13.4M to capture a correction between $370 and $320 before August expiration.

The two-day de-risking arc — important context:

Yesterday, June 3, a CDNS $400 call block resolved as a closing trade — a long-call holder ringing the register near the all-time high, monetizing upside exposure. Today, a different desk (or possibly the same one repositioning) opens downside protection via a bear put spread. Two consecutive sessions of smart-money de-risking at record highs — closing upside calls, opening downside puts — is a footprint worth watching. Neither trade alone is definitive; together they paint a picture of institutional de-risking on Cadence at the top of the range.

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📈 Technical Setup / Chart Check-Up

YTD Performance

Cadence had a steady YTD climb through 2026, then surged ≈10.5% in a single session on June 1 to hit an all-time high of $414.92, driven by the Computex launch of its Level-5 AI super-agent developed with NVIDIA. The stock has since pulled back slightly to today's ≈$403–411 range. The YTD gain of ≈20% reflects genuine operational momentum — record backlog, raised guidance, AI bookings acceleration. From a technical standpoint, the stock is digesting a massive one-day spike just below the ATH, and the question is whether consolidation turns into a sustained breakout or a mean-reversion toward pre-catalyst levels.

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Gamma-Based Support & Resistance

Current Price: ≈$411.44 (per GEX snapshot)

The gamma map shows a clear near-term structure with two dominant walls and meaningful implications for how the bear put spread's strikes interact with market-maker positioning:

🟠 Call Gamma Resistance (Orange Bars — Overhead Sellers):

• $400 — Strong call-gamma resistance, 2.43B total GEX, net GEX +2.33B call-dominant. This is the critical level: the ATM wall right at today's spot. Market makers hold a heavy call book here, creating headwind for further upside. Note this is also nearly the $400 call block that closed yesterday.
• $380 — Strong call resistance, 2.32B total GEX, net GEX +2.13B call-dominant. A secondary wall ≈7.6% below current spot.
• $350 — Moderate call wall, 1.31B total GEX, net GEX +1.18B. The next structural floor below that.

🔵 Put Gamma Support (Blue Bars — Downside Floors):

• $320 — Moderate put support, 1.08B total GEX, net GEX −0.65B put-dominant. This is the short leg of today's spread — a natural floor where market-maker put hedging creates demand for the stock. The structure of the spread is pinning its lower boundary right at a gamma support level.
• $300 — Mild put support, 0.28B total GEX, net GEX −0.13B.

What this means for the spread:

The $400 call-gamma wall acts as an overhead lid — market makers will sell into rallies near $400-$405, reinforcing the range. The $320 put-gamma support means that if CDNS does decline, there is structural buying pressure right at the spread's maximum-profit strike. The ≈$380 call wall sits between today's spot and the $370 long-put strike — meaning CDNS would need to breach that resistance-turned-support before the $370 put goes in the money.

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Implied Move Analysis

The implied move data provides critical context for evaluating the spread's target zone:

Key insight: The Aug 21 expiry implied-move cone (interpolated from the July and September data points in the JSON) suggests a lower range of ≈$318, which sits just below the spread's $320 short-put strike. This tells us something important: the options market is pricing a scenario where CDNS could theoretically fall to the $320 zone by August 21 — it is not a black-swan outlier; it is near the edge of the market's own implied distribution.

The $370 long-put strike at ≈−8% from today's ATH ($414.92) is well within the monthly implied move. The breakeven at ≈$356 sits inside the implied range. The $320 strike sits near the lower bound of the Aug 21 cone. In other words: the spread is sized to capture a move the market already partially prices as possible. The desk is not betting on a crash; it is paying up for a defined-risk slice of the downside distribution.

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🎪 Catalysts

✅ Already Happened (In the Books)

• Computex 2026 — ChipStack AI Super Agent Level-5 (May 31–June 1): The proximate driver of the ATH. Cadence unveiled the industry's first fully autonomous virtual AI engineer for chip design, developed with NVIDIA, capable of running 5-week verification workflows in under 24 hours. Shares surged ≈8.7–10.5% on the news to print the all-time high of $414.92.
• Q1 2026 Beat and Raise (April 27, 2026): Revenue $1.474B (+19% YoY), non-GAAP EPS $1.96, record backlog of $8.0B. Full-year 2026 guidance raised to $6.125–$6.225B, with Cadence targeting the "Rule of 60" for the first time.
• Hexagon M&A Close (February 23, 2026): Cadence closed its €2.7B / ≈$3.18B acquisition of Hexagon's Design & Engineering business, expanding into multiphysics simulation for aerospace/automotive ("Physical AI"). ≈$0.28 EPS-dilutive in 2026, accretive in 2027.
• China Export-Control Resolution (July 2025): BIS rescinded the May 2025 license requirements that had threatened Cadence's China EDA business; separately, Cadence settled export-control violations with a $140M payment. The acute China shock is largely priced in and behind the company.
• Wells Fargo $425 PT (May 26, 2026): Latest sell-side target revision reflects bullish momentum post-Q1. Analyst sentiment: roughly 43% Strong Buy, 36% Buy. Note the lagging aggregate consensus target of ≈$369–373 predates the June 1 surge and is stale.

🚀 Upcoming Inside the Aug 21 Option Window

• Q2 2026 Earnings: July 27, 2026 (after close) — the single most important event inside this option's life. Per MarketBeat, Q2 closes on July 27, landing ≈3.5 weeks before the Aug 21 expiry. Company guide: revenue $1.555–$1.595B, non-GAAP EPS $2.02–$2.08. A miss or soft guidance at a 42x forward multiple could send CDNS well toward the spread's profit zone. A beat-and-raise continues the bull trend — and the spread expires worthless.
• ChipStack AI Super Agent Early-Access Rollout (H2 2026): Level-5 autonomy and AgentStack reach early-access customers in H2 2026. Any adoption news or NVIDIA validation headlines are mid-year sentiment drivers. A hype cycle that deflates ahead of actual revenue recognition could weigh on the premium multiple.
• Hexagon Integration Milestones: ≈$160M of 2026 revenue contribution and EPS-dilution management will be tracked on the July 27 call. Per Manufacturing Dive, the path from dilutive-2026 to accretive-2027 requires clean execution.

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💡 Trading Ideas

🛡️ Conservative — "OI First, Then Decide"

For entry-level options investors and risk-conscious traders ($2K–$20K)

Real talk: before you do anything, let the June 5 pre-market OI snapshot resolve the $320 put leg's STO vs. STC question. If OI on the $320 put collapses toward 0, a prior long-put holder closed — a fundamentally different signal than a desk opening a fresh short. If OI stays flat or rises, a new short was opened.

While you wait, watch the $400 gamma wall. The GEX data shows $400 as the single heaviest call-gamma level on the board (2.43B total GEX). That is a structural lid. If CDNS cannot clear $400-$405 on multiple attempts, it signals the ATH momentum is fading.

Defensive path: If you hold CDNS long stock and want protection, a smaller-scale version of this hedge (buying a $390 put outright, nearer-term) gives you downside coverage ahead of July 27 earnings without the complexity of a spread.

Cost to watch: a single $370 Aug-21 put is priced at ≈$22.10 per contract = $2,210 per contract out-of-pocket.

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⚖️ Balanced — "Pre-Earnings Bear Put Spread with the Q2 Catalyst in View"

For swing traders with $10K–$50K, 6–8 week horizon

The thesis: at 42x forward earnings on a 19% revenue-growth business, CDNS is priced for perfection into July 27 Q2 earnings. If guidance disappoints — or if the AI-narrative premium compresses — CDNS can easily retrace 10–15% from its ATH, putting the spread in the money.

The whale's spread structure gives you a template to scale down:

• 📉 Buy 1× CDNS Aug-21-2026 $370 Put at ≈$22.10 (debit)
• 📈 Sell 1× CDNS Aug-21-2026 $320 Put at ≈$8.22 (credit)
• 💰 Net debit: ≈$13.88 per spread = $1,388 per 1-lot position
• 🎯 Max profit at $320 or below: ($370–$320–$13.88) × 100 = $3,612 per lot (≈2.6x the debit)
• ⚠️ Max loss: $1,388 per lot if CDNS is above $370 on August 21
• 🎯 Breakeven at expiration: ≈$356.12 (CDNS needs to fall ≈11.7% from $403.10)

Why this works: The spread is a defined-risk, capped-reward structure — you cannot lose more than the debit. It costs a fraction of buying the put outright (≈$13.88 net vs. ≈$22.10 for a naked put). July 27 Q2 earnings is the catalyst inside the window.

Key watch: August 21 expiry is ≈25 days after the July 27 earnings print — there is enough time for post-earnings moves to play out before expiration.

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🚀 Aggressive — "Directional Bear Ahead of Q2 Earnings"

For experienced options traders, 2–6 week window, $5K–$20K

If you have a strong conviction view that CDNS pulls back ahead of or on July 27 earnings, a higher-delta, near-term put trade offers more aggressive leverage:

• 📉 Buy CDNS Aug-21-2026 $400 Put (ATM — higher delta, higher premium)
• Use this as a standalone directional put if you want more delta sensitivity than the $370/$320 spread provides
• 💰 Higher cost than the spread, but no upside cap on profit below $400

YOLO version for those who want maximum near-term leverage:

• 📉 Buy 2-week CDNS puts expiring July 10-17, $395–$400 strike
• Cheap enough in dollar terms to risk a small position; high theta decay means you need the move quickly
• ⚠️ This is a pure catalyst bet with fast decay — if CDNS grinds sideways, the position bleeds daily

For bears with conviction on the AI valuation premium compressing:

The $370/$320 spread (scaled up or down) is actually the smarter risk structure — defined max loss, earnings catalyst inside the window, and target levels that the implied-move analysis shows as within the distribution. At $1,388 per 1-lot, you can size responsibly without betting the farm.

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🎲 Price Targets & Scenarios Through August 21, 2026

Using gamma levels, the implied move cone, and the Q2 earnings catalyst:

📈 Bull Case (50% probability)

Target: $420-$480

CDNS beats Q2 on July 27 — revenue above $1.595B guide, non-GAAP EPS above $2.08, and another FY guidance raise. The ChipStack AI Super Agent early-access launch drives incremental analyst target revisions. The $400 call-gamma wall eventually resolves to the upside, and the stock tests the all-time high of $414.92, then targets the $420–$475 implied-move upper range. The $380 call-gamma wall ($2.32B GEX) becomes support.

Spread P&L: Both puts expire worthless. Full ≈$13.4M net debit is lost. The spread buyer (and any retail position modeled on it) takes the maximum loss.

🎯 Base Case (30% probability)

Target: $360-$400 range by August 21

CDNS reports a mixed Q2 on July 27 — revenue in-line but guidance maintained rather than raised; AI narrative delivers early-access customers but no blockbuster hyperscaler wins. At 42x forward earnings, an in-line quarter disappoints the premium embedded in the multiple. Stock retraces toward pre-Computex levels of $370-$385. The gamma structure ($380 call wall, now a floor) cushions the decline.

Spread P&L:

• At $380 (≈−5.7% from $403): spread is approximately breakeven (below breakeven at $356.12, but above the $370 long-put strike — spread has intrinsic value)
• At $370: long put is at-the-money; spread has limited profit
• At $356: breakeven — spread buyer starts profiting
• At $340: solid gain for the spread holder

😰 Bear Case (20% probability)

Target: $318-$350

A Q2 miss — revenue below guide, China commentary, or Hexagon integration friction. The stock's 42x multiple gives it a long way to fall on a negative surprise. The options market's own Aug 21 implied move puts the lower bound at ≈$318, and the gamma-floor at $320 is the spread's max-profit level. Per the July 17 monthly implied-move lower range of $347.41, a move to $320 by August 21 is aggressive but within the tails that options pricing already assigns some probability.

Spread P&L:

• At $320 or below: maximum profit ≈$36.6M net for the desk, or ≈$3,612 per 1-lot retail position
• At $330: partial profit; the spread is worth ≈$40/contract intrinsic (vs. ≈$13.88 net debit paid)
• Risk/Reward on the bear case: risk $13.4M to make ≈$36.6M — roughly 1:2.7

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⚠️ Risks & Honest Limits

What the tape CANNOT tell us:

• Hedge vs. outright bearish bet: OPRA cannot tell us whether this desk holds a large long-CDNS position that this spread is designed to protect. If it is a hedge, the "bearish signal" framing is inaccurate — it is simply a cost-of-portfolio-insurance trade. The identity of the hedging book (long stock, long calls, institutional long) is invisible from the tape.
• $320 Put leg STO vs. STC: As noted above, the Vol/OI = 1.0 on the short leg means we genuinely cannot prove open vs. close from today's tape. Next-day OI is the definitive test. Do not assume STO until June 5 confirms.
• Known counterparty on a BLOCK CROSS: A floor-negotiated block means someone agreed to take the opposite side of this trade at the printed prices. The "market's view" interpretation assumes this was driven by a directional bear — but the counterparty who SOLD the $370 put and BOUGHT the $320 put (the mirror image) has an equally valid bull view. Two parties, two different reads on CDNS's direction.
• Broker and order ID invisible: We cannot see who the desk is, what their overall book looks like, or what other positions this spread relates to. A prop desk running a delta-neutral book looks identical on the tape to a directional macro bear.

Structural risks to the bearish scenario:

• 🚀 Q2 earnings beat: At $1.555–$1.595B guide, the hurdle is not extremely high. If Cadence beats and raises again — which it has done consistently — the spread expires worthless.
• 📈 $400 gamma wall as a floor: The heavy call-gamma at $400 (2.43B total GEX) works both ways — it slows upside breakouts, but market makers are also short puts at $400, meaning they will buy the stock aggressively if it dips toward $400, providing support.
• 🤖 AI narrative durability: The ChipStack Level-5 launch is a genuine product milestone. If early-access customer wins and NVIDIA validation drive incremental coverage through H2 2026, the premium multiple holds.
• 🛡️ Buyback support: Cadence has ≈50% of FCF earmarked for repurchases, providing a structural bid on pullbacks.
• 🌍 China re-escalation: A re-imposition of EDA export restrictions would hurt CDNS directly — a bear who is worried about this could be buying puts for macro/policy reasons that have nothing to do with the earnings print.

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🎯 The Bottom Line

Here's the deal: A desk paid ≈$13.4M net debit for a defined-risk bet on CDNS declining ≈21% by August 21, 2026. Whether this is a hedge or an outright bearish position, the structure says the same thing: at record highs, with Q2 earnings on July 27 inside the window, and a 42x forward multiple, someone believes the current price is the high-water mark worth paying to protect against.

The two-day footprint — yesterday's call-block close, today's put-spread open — is the telling detail. This is not one isolated trade. This is institutional de-risking of Cadence exposure across two consecutive sessions, both structured and deliberate.

What to watch:

• 📅 June 5, 2026 pre-market (≈06:30 ET) — CDNS Aug-21-2026 $320 Put OI: if it stays at ≈10,000 or rises → STO confirmed (fresh short leg, full spread is new); if it falls sharply → STC (existing long closed, spread structure different from assumed)
• 📅 June 5, 2026 pre-market — CDNS Aug-21-2026 $370 Put OI: expect a rise from 207 to ≈10,207, confirming the BTO long-put opening
• 📅 July 27, 2026 after close — Q2 earnings. Revenue guide $1.555–$1.595B; non-GAAP EPS $2.02–$2.08. This is the single most important event inside the spread's life. A miss could push CDNS toward the spread's profit zone; a beat kills the trade.
• 🎯 $400 gamma wall (2.43B GEX) — the line in the sand. CDNS failing to reclaim $405-$415 cleanly after the ATH surge is a bearish technical signal that would give the spread room to work
• 🎯 $380 gamma level (2.32B GEX) — the first major support if $400 gives way. A close below $380 would put the $370 long put in the money

If you own CDNS:

• This is not a reason to panic-sell — it is a negotiated block with a known counterparty, not urgent lit-market aggression
• Consider whether your holding has a defined risk-management plan for the July 27 earnings print at a 42x multiple
• The $400 gamma wall is your technical reference: support near $400 holds → bullish, break below → watch carefully

If you're considering playing along:

• The whale's spread structure ($370/$320 bear put spread, Aug 21) is available as a 1-lot entry at ≈$1,388 net debit
• Defined risk. Earnings catalyst inside the window. Market-implied lower bound near the max-profit strike.
• But wait for tomorrow's OI confirmation before committing real capital — you need the $320 leg resolved.

Final verdict: A ≈$13.4M bear put spread on CDNS at record highs, structured as a floor-negotiated block on the same day (June 3) a CDNS call block closed, is not coincidence. A desk is reducing Cadence risk before the August earnings expiration. The spread is rational, structured, and sized with defined risk — but the interpretation of hedge vs. outright bear remains honestly open until more context emerges. Come back June 5 pre-market.

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Disclaimer: Options trading involves substantial risk of loss and is not suitable for all investors. Bear put spreads involve paying a net premium that is at 100% risk if the underlying closes above the long-put strike at expiration. The $13.4M net debit analysis represents the institutional position; retail traders should size appropriately for their account. Order-type classifications (BTO for the $370 put; ⏳ provisional STO for the $320 put) are based on Vol/OI analysis and will be confirmed or revised by the June 5 OPRA OI snapshot. This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and consult a licensed financial advisor before trading. Past unusual options activity does not guarantee profitable trading outcomes.

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Last updated: 2026-06-04

About Cadence Design Systems: Cadence Design Systems is an EDA software and IP company operating in a duopoly with Synopsys, providing mission-critical chip-design tools used by virtually every major semiconductor designer. Market cap ≈$103–114B. Sector: Technology / Application Software & EDA. Recent Q1 2026 revenue: $1.474B (+19% YoY), record $8.0B backlog, FY2026 guide raised to $6.125–$6.225B. The stock hit all-time highs on June 1, 2026 after launching an industry-first Level-5 AI autonomous design engineer at Computex.