“And I would expect that to continue ticking up over the next many quarters and years as we continue stepping up our investments.”

In context

“about in terms of long-term targets for OpEx. So how do we think about that? Why is it growing now versus before? And how do we think about where the range might go going forward? Rafael Lizardi: Yes. So here’s how we think about it. Step back, for the last 5.5 years, really, we’ve been running OpEx on a trailing 12-month basis, which is how I prefer to look at it at $3.2 billion. Pretty consistently, we’re really steady hand over that time. Our hiring has been very consistent during that time. And that is underpinned by our long-term expectations on growth. And inside of that, R&D has actually moved up. SG&A has moved down inside of that $3.2 billion, but it’s been really consistent on that. This last quarter for the first time, it ticked up to $3.3 billion on a trailing 12-month basis. And I would expect that to continue ticking up over the next many quarters and years as we continue stepping up our investments. And that is a, driven by the higher investments, but inflation is playing a factor. It’s clearly wage inflation. We’re not immune to that. So that is also affecting and will continue to affect those trends. Dave Pahl: Okay, thanks, Stacy. We will go to the next caller. Thank you. Operator: We have Blayne Curtis from Barclays. Your line is open. Please go ahead. Blayne Curtis: Hey, guys. Thanks for taking my question. I had two. Maybe just a clarification, though, on Stacy’s question because you said, but I didn’t hear anything negative to net off of two positives. So I’m just kind of curious, and I guess we will see what March brings, and I’m happy if you want to comment on that. But it seems like at least personal electronics is back to where you were in ‘19, ‘20. It seems like industria”