While the US accounted for a 29% share of Samsung's foldable smartphone production in 2021 and a 29% share in Q3'22, it plummeted to just 7% in Q4'22. The US accounted for just 5% of Samsung's Flip-type phone production in Q4'22, down from 28% in Q3'22, and 11% of its Fold-type phone production, down from 32% in Q3'22. Furthermore, the drop started in October, the month after the iPhone 14 Series launch with the US falling from nearly a 20% share of Z Flip 4 production in September to just a 5% share in October and expected to be even lower in December. Furthermore, Z Flip 4 phone shipments fell behind the pace of Z Flip 3 shipments in October of the previous year and are expected to remain below the pace of previous year's Z Flip 3 shipments through February. The situation is similar with the Z Fold 4. As a result, Samsung's Q4'22 shipments are expected to be 45% below our previous forecast with its 2022 shipments up 46% to 10.1M units vs. previous expectations of 77% growth to 12.3M units.