“We anticipate that our 2025 gross capital investments will be approximately $20 billion and at the low end of our previous guide of $20 billion to $23 billion, reflecting further capacity adjustments to Ohio and Ireland, as well as better utilization of what we call our construction-in-progress.”

In context

“the consolidated level, we expect gross margin to improve from Q1. Intel Products gross margin was 51% in 2024 and is expected to decline this year due to product mix in both CCG and DCAI. Intel Foundry gross margin will improve on EUV mix shift and growth in advanced packaging despite expected depreciation growth in 2025 of roughly 10%. We continue to target 2025 OpEx of $17.5 billion with further reductions in 2026. We expect non-controlled income, or NCI, to net to roughly zero in Q1 and be in a range $500 million to $700 million impact this year, on a GAAP basis. NCI is expected to grow in fiscal year 2026 to a range of $1.2 billion to $1.4 billion, on a GAAP basis, and increase further in future years, as we increase wafer outs at our fabs where we have agreements with SCIP partners. We anticipate that our 2025 gross capital investments will be approximately $20 billion and at the low end of our previous guide of $20 billion to $23 billion, reflecting further capacity adjustments to Ohio and Ireland, as well as better utilization of what we call our construction-in-progress. Specifically, we invested ahead of demand over the past few years and these capital investments will enable us to meet expected demand at a lower level of spending, as we drive to more efficiently deploy our capital. We expect 2025 net CapEx of $8 billion to $11 billion with roughly half of the offsets expected to come from government incentives and tax credits and half from partner contributions. De-levering in 2025 remains a top priority for us on lower CapEx, increased cash from operations and value unlock across our non-core assets. Finally, I’ll remind you that we will provide new segment reporting in conjunction with our Q1 earnings. We expect to make further changes to our segments, including moving the edge portion of NEX into CCG, and our auto business from All Other into CCG. In”