Sourcing activities have been relatively stable for the past 11 months, signaling that demand has likely bottomed at a level below both the Commodity IQ Demand Index baseline and the 2023 median. Though delayed, the industry's supply side largely anticipated meaningful demand increases in late Q4 and into H1 2025. The return of positive book-to-bill ratios across some device types also indicates that Q2 marks the low point of this cycle.