“our expectation continues to be $5 billion per year”

In context

“ould give at the capital management CapEx should have been about $5 billion for the year. Depreciation maybe $1.5 million. So am I right in assuming that implies a fairly substantial ramp into the back half and end of the year for both those metrics, CapEx and depreciation? Rafael Lizardi: So thanks for the questions, Stacy. Good questions there. So it gives us a chance to clarify though. So first on CapEx, we're pleased with the progress that we've made both in 2022 but also year-to-date, first quarter of this year. Everything's in line with expectations as we shared at the call a couple of months ago, we expect CapEx to average $5 billion per year for the next four years. That's just an average. So some years will be lower, especially at the beginning and other years will be higher. But our expectation continues to be $5 billion per year. Those numbers, that $5 billion is gross. And the $982 million, the one close to $1 billion that you just quoted for the quarter, that's also gross. We are continuing to accrue for the CHIPS Act benefit. I can tell you about that in a follow-up question if you like. But the CapEx numbers have been and will continue to be gross numbers. On the second part of your question on depreciation. So we told you that at the capital management call that depreciation will increase to about $2.5 billion on or around 2025. We expect this year to be below that linear trend. Okay. And that's just the CapEx is coming in as expected, but it's a function of other things. Essentially when you place the equipment in service and when it starts depreciation, the assumptions that we had on that versus how exactl”