“As you think about investment, we still think that $16 billion of OpEx investment for next year is the right amount.”

In context

“n a great position. I'd say, as we think about this cash, our first focus is to delever. I mean that's one of the things we really wanted to -- when Lip-Bu came in, he really was upset about the balance sheet. So we've done a lot to work on that and improve that for him. We took $4.3 billion of debt off the books this quarter, and all the maturities next quarter or next year should come off and we'll repay that. I think as you look at CapEx, it puts us in a position of flexibility on CapEx, but we want to be very disciplined around CapEx. So we will absolutely be looking at demand. Lip-Bu's been very direct with us on this. He wants to see the whites of the eyes of the customer that we can believe in that demand. And if that demand exists, of course, we will amp up the CapEx as necessary. As you think about investment, we still think that $16 billion of OpEx investment for next year is the right amount. Although Lip-Bu and I are constantly now looking at how we mix that $16 billion to drive the best possible growth and return for investors, and we will be making those changes. Beyond that, we'll see how things go. We want to be pretty disciplined about our OpEx as a percent of revenue and drive leverage. But we do see opportunities to make investments that can, I think, deliver great returns for shareholders, and we're not afraid to do that either. Operator: Our next question comes from the line of Blayne Curtis, Jefferies. Blayne Curtis: I had 2. Just on the CapEx, I think you reiterated $18 billion, but I think you spent, I guess, less than I was modeling in Q3. So is that really still the number? And I'm just kind of curious, as you start to ramp this 18A in Arizona, is there a way to”