“Absent any changes to our tax landscape, we expect our full-year 2025 tax rate to be in the range of 12% to 15%.”

In context

“ughout 2025. Turning now to the expense outlook. We expect full-year 2025 total expenses to be in the range of $114 billion to $119 billion. We expect the single largest driver of expense growth in 2025 to be infrastructure costs, driven by higher operating expenses and depreciation. We expect employee compensation to be the second-largest factor as we add technical talent in the priority areas that I referenced earlier. Turning now to the CapEx outlook. We anticipate our full-year 2025 capital expenditures will be in the range of $60 billion to $65 billion. We expect CapEx growth in 2025 will be driven by increased investment to support both our generative AI efforts and our core business. The majority of our CapEx in 2025 will continue to be directed toward our core business. On to tax. Absent any changes to our tax landscape, we expect our full-year 2025 tax rate to be in the range of 12% to 15%. In addition, we continue to monitor an active regulatory landscape, including legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and our financial results. In closing, this was a good year for our company, with investments across our priority areas delivering strong business performance and innovative new products for our community. We have a compelling set of opportunities to invest in this year, which we expect will help us drive continued strong growth and develop transformative technologies that shape the future of our company and of the industry. With that, Krista, let’s open up the call for questions. Operator: Thank you. Thank you. We will now open the lines for a question-and-answer session. [Operator Instructions] And our first ques”