“Capital expenditures are expected to be approximately $550 million to $600 million.”

In context

“channel partners reduce inventory levels to align with current levels of demand and prepare for our new product generation. We expect that decline to be partially offset by sequential growth in data center and automotive. Revenue is expected to be $5.9 billion plus or minus 2%. GAAP and non-GAAP gross margins are expected to be 62.4% and 65%, respectively, plus or minus 50 basis points. GAAP operating expenses are expected to be approximately $2.59 billion. Non-GAAP operating expenses are expected to be approximately $1.82 billion. GAAP and non-GAAP other income and expenses are expected to be an expense of approximately $10 million, excluding gains and losses on nonaffiliated investments. GAAP and non-GAAP tax rates are expected to be 9.5%, plus or minus 1%, excluding any discrete items. Capital expenditures are expected to be approximately $550 million to $600 million. Further financial details are included in the CFO commentary and other information available on our IR website. In closing, let me highlight upcoming events for the financial community. We will be attending the Jefferies Conference in Chicago on August 30th and the Goldman Sachs Conference in San Francisco on September 12th. And we will be holding a financial analyst Q&A with management following Jensen’s GTC keynote on September 20th. Our earnings call to discuss the results of our third quarter of fiscal 2023 is scheduled for Wednesday, November 16th. We will now open the call for questions. Operator, can you assist? Would you please poll for questions? Operator: [Operator Instructions] Your first question comes from the line of C.J. Muse with Evercore ISI. C.J. Muse: I think the questi”