“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.”

In context

“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 going well. The Phase 2 is very important for our future. So, we are going to complete the qualification line in Sherman 1, we are going to set the shell or build the shell in Sherman 2, and also build the shell in Lehi, so it can give us this flexible capacity phase that we are so excited about and so are the customers. Once they engage with us, they fully understand that not only they will have enough cleanroom capacity to grow into, but also the qualification is going to be behind them. So, the parts are already running, for e”