“I would expect to continue holding relatively high levels of inventory.”

In context

“about kind of normalized inventory over time? And also, how are you thinking about coming out of the trough, what kind of a gross margin recovery will look like given where your inventory levels are today? Rafael Lizardi: So that's a multi-part question in many angles to that. What I would tell you, high level, we're very comfortable with our inventory level. Right now we're just shy of $4 billion as I said earlier on the call. We have continued upward bias for at least one more quarter, probably a couple quarters at least, an upward bias on that. But that is good inventory for catalog parts that sell to many customers that last a long time. So I feel really good about that. But we'll see how things play out on the other side of the cycle and depending on demand and different things. But I would expect to continue holding relatively high levels of inventory. We just in a different position than we were even three or four years ago in terms of how much of our revenue and our parts are in industrial automotive, in catalog type of parts that last a long time. So our strategy is such that it makes sense to have that inventory. Our order fulfillment processes have also improved. We have ti.com and different tools that we can leverage to go direct to market. We have a much higher percent of our revenue now 35% is direct. So all those factors play into having more inventory as a real leverage point that we can use to serve our customers even better. Dave Pahl: A follow-on CJ? CJ Muse: Thanks, Dave. A quick follow-up to a prior question. I know you can't share too much, but your application clearly in for the Chips Act. I guess we should hear results”