This visual execution trace shows how an AsyncSequence in Swift works step-by-step. The Counter struct produces numbers 0, 1, and 2 asynchronously. Each call to next() checks if count is less than 3. If yes, it returns the current count and then increments it. When count reaches 3, next() returns nil, signaling the end of the sequence. The for-await loop prints each number as it arrives and stops when nil is returned. The variable tracker shows how count changes after each next() call. Key moments clarify why next() returns nil and how defer affects count. The quiz tests understanding of count values, sequence end, and changing the guard condition.