“As an update for 2024, we expect depreciation to be between $1.5 and $1.8 billion, and for 2025 to be between $2 billion and $2.5 billion.”

In context

“inue to strengthen the company in the case of R&D, the broad portfolio in the case with sales and TI.com on the reach of our channels. Then on depreciation, so our CapEx expansions are unchanged. We talked about that, addressed it with previous callers. So $5 billion of CapEx per year for the next 2023 and three years beyond that, as we have been talking about. Now when it comes to depreciation, as time has passed, we have more clarity on what to expect on depreciation. So for fourth quarter, let me start fourth quarter of 2023, we expect depreciation to increase on a quarterly basis at about the same rate as what we have been seeing throughout 2023. So essentially, we're going to end the year just shy of $1.2 billion, maybe [11.90, 11.80, 11.70] (ph), somewhat in that range for the year. As an update for 2024, we expect depreciation to be between $1.5 and $1.8 billion, and for 2025 to be between $2 billion and $2.5 billion. Toshiya Hari: Very helpful. Thank you so much. Dave Pahl: Thank you, Toshiya. Now we'll go to the next caller, please. Operator: Our next question comes from the line of Ambrish Srivastava with BMO Capital Markets. Please proceed with your question. Ambrish Srivastava: Hi. Thank you. I had a question on factory loadings and inventory. So correct me if I'm wrong. I thought that thinking up until now has been we've got to be ready for the upturn and so, we're building inventory for that. And you have highlighted that over several quarters. Look, we're not -- we don't have a target, but you did raise the target in terms of how much inventory you want to carry. So this change, which I want to make sure I'm reading it right, that you're taking underutilization charge because you've reached a d”