“We anticipate 2025 gross capital investment will be approximately $18 billion and forecast $8 billion to $11 billion for net CapEx.”

In context

“to increase focus on our core business while leveraging noncore assets to shore up the balance sheet. We raised approximately $900 million through the Mobileye offering, and we are on track to complete the stake sale of Altera in Q3. Our guidance includes Altera for the full quarter, but we will deconsolidate at deal close. Once the deconsolidation is complete, we will recognize our remaining Altera investment within equity investments on the balance sheet. On the income statement, we will recognize our proportional share of Altera's net income on a 1-quarter lag through gains and losses on equity investments net, which is excluded from our non-GAAP results. As a result, it is likely our Q3 non-GAAP results will reflect only a portion of the financial results for Altera. Moving to CapEx. We anticipate 2025 gross capital investment will be approximately $18 billion and forecast $8 billion to $11 billion for net CapEx. Better utilization of our construction in progress will allow us to deploy more overall CapEx in 2025 than in 2024, and we expect the improved utilization to continue in 2026, resulting in lower gross and net CapEx next year. Beginning the process of delevering our balance sheet in 2025 remains a top priority for us. I'll wrap up by saying Q2 operationally was the third consecutive solid quarter, reflecting our commitment to maintain a high say-do ratio, closely manage what's in our control and react quickly as the environment evolves. I have confidence that the strategic priorities we've established are the right ones, and I'm optimistic about our ability to execute on them while acknowledging there are no quick fixes. With that, I'll turn it over to John to start the Q&A. John William P”