“Over the life of the -- maybe the most important point is over the life of the program between the ITC and the direct funding, we expect to receive $7.5 billion to $9.5 billion in total.”

In context

“illion in grant dollars, that drives an incremental $1.75 of free cash flow per share versus sort of what you potentially laid out in your 2026 scenario analysis. So, have you mapped out that $1.6 billion in CHIPS Act grants over 2025, 2026? And maybe have an updated view on the potential better free cash flow per share profile for Texas Instruments? Rafael Lizardi: So, let me try to answer that question. First, kind of bigger picture, as you alluded to, the Department of Commerce awarded us up to $1.6 billion in CHIPS Act funding. This will help support three of our new 300-millimeter wafer fabs under construction in Texas and Utah. This direct funding, coupled with the ITC, will help us provide a geopolitically dependable supply of Analog and Embedded Processing chips for years to come. Over the life of the -- maybe the most important point is over the life of the program between the ITC and the direct funding, we expect to receive $7.5 billion to $9.5 billion in total. We've received some of that already in 2024 and expect 2025 and beyond to continue. We don't have any specific details to share at this point on the cash payments related to the direct funding, but as those happens, we will share those. Haviv Ilan: I would just add that the math is not incorrect, but the timing is the problem, right? So, I think, as you said, there is and we talked about free cash flow, so it also depends when we get the cash. We just don't have that visibility. The milestones are related, as we I think mentioned, to cleanroom construction and two installations in Sherman 1, which we are in the -- we started installing tools in the summer of '24 and that moved well. And the construction of SM2, the shell, which it's not done yet, but it's moving well. The other part is on”