“We continue to expect CapEx for 2025 to be $5 billion.”

In context

“e last caller, please. Operator: Thank you. Our last question comes from the line of Thomas O'Malley with Barclays. Please proceed with your question. Thomas O'Malley: Hi, guys. Thanks for letting me ask a question. This is for Haviv or Rafael. Just at the Capital Management Day, you guys highlighted different CapEx ranges depending on kind of different revenue CAGRs. And I know the intention there wasn't to guide revenue, but you just updated us on depreciation in response to just the ITC and some of the grants as well. Is the depreciation being at the lower end entirely a function or the updated guide that you're giving today entirely a function of those tax credits and grants, or is that a function of potentially lower CapEx as well? Rafael Lizardi: It is not a function of lower CapEx. We continue to expect CapEx for 2025 to be $5 billion. And in 2026, as we said at the last call, between $2 billion to $5 billion depending on further expectations, and we'll have more clarity on that in the second half of the year. Haviv Ilan: Yeah. And again, I will add, this is not -- I mean, as we said in August, our plan is still -- we like the plan. We're going to be very disciplined executing it. We always look at the environment and what's going on, but based on what I see right now, you shouldn't expect the plan to change in terms of our Phase 1, Phase 2 as I described. Phase 1 is serving us very well. This is how we move revenue from external foundries into our LFAB factory in Utah. And also, on the analog side, we want most of our parts running on 300 rather than, for example, 6-inches fab that we are shutting down, and that's goin”