Virey says that prior to COVID‐19, he had been cautiously optimistic for the year ahead, given that 2019 was brutal in terms of pricing as the result of overcapacity, especially in the LCD market. The pricing picture began changing late last year, with Samsung and LG both announcing that they were shutting down their LCD fabs in Korea, and with Chinese manufacturers slowing the production ramp‐up at their newest fabs. Demand was up for TV and smartphone displays, and prices were rising.