“As we get into 2026 and as we see some of the significant growth that we're expecting, we should absolutely see leverage.”

In context

“questions. First one, Lisa, I just wanted to ask you about OpEx. Like, every quarter, you guys are guiding it up, and then it's coming in even higher then you're guiding it up again. And I understand given the growth trajectory that you need to invest, but how should we think about the ramp of that OpEx and that spending number as especially as the GPU revenue starts to inflect? Do we get leverage on that, or should we be expecting the OpEx to be growing even more materially as the AI revenue starts to ramp? Lisa Su: Yes. Sure, Stacy. Thanks for the question. Look, I think in terms of OpEx, we're at a point where we have very high conviction in the roadmap that we have. And so in 2025, as the revenue increased, you know, we did lean in on OpEx and I think it was for all the right reasons. As we get into 2026 and as we see some of the significant growth that we're expecting, we should absolutely see leverage. And the way to think about it is we've always said in our long-term model, that OpEx should grow slower than revenue, and we would expect that in, you know, 2026 as well, especially as we get into the second half of the year and we see inflection in the revenue. But at this point, I think the if you look at our free cash flow generation and the overall revenue growth, I think the investment in OpEx absolutely the right thing to do. Stacy Rasgon: Thank you. For my follow-up, I actually have two sort of one-line answers I'm looking for. Just first, the $100 million in China revenue in Q1, does that also drop through at zero cost basis like we had in Q4? And is that a margin headwind? And number two, I know you don't give us the AI number, but could you just give us the annual, like, 2025 In”