The smartphone market isn't going away, and therefore doesn't need to be "replaced". Its absolute growth rate is still positive, and the transition to 3G/4G and eventually 5G, from 2G GSM, is still underway. Every new 3G and 4G subscriber represents previously uncaptured business for Qualcomm. And while IoT and M2M devices may carry lower ASPs than smartphones and tablets, their volumes will somewhat mitigate those lower ASPs on the QTL side, while QCT gets a fair portion of all silicon requiring mobile connectivity. Having all connectivity IP in house to service the requisite multitude of modem possibilities, as well as their unsurpassed proficiency in integrating same, plays into their strength. As for your reference to personal health monitoring, as a subset of IoT, QualcommLife has already established a robust ecosystem and pioneering capabilities to exploit that market.