“And then for 2027, continued upward pressure, but likely at a slower rate.”

In context

“The fact that we control our destiny here and we can move more stuff internally is a benefit. So some of the $2 billion to $3 billion of CapEx that you are seeing this year is going to support a faster internalization of our back end into our own assembly and test, and that allows us to support customers at a higher level. Mike Beckman: Do you have a follow-up, Matt? Analyst: Yeah, that is helpful. Thanks. I guess as a follow-up, is there any update to your messaging around depreciation expectations versus three months ago? Then maybe how to think about timing of when Texas Instruments Incorporated will receive the remaining CHIPS Act direct funding? Thanks. Rafael R. Lizardi: Yes. I will take that. No change to depreciation. The expectation for this year is $2.2 billion to $2.4 billion. And then for 2027, continued upward pressure, but likely at a slower rate. On the CHIPS Act, first, I will tell you the more interesting one is ITC. We have been talking about that one. That is the one that is going to give us more money over the long term, and that is 35% of qualified manufacturing investment. We have been getting that ITC and will continue to get ITC. On the direct funding, we have just received over $500 million. In total, what we received in fourth quarter and first quarter is $630 million out of the up to $1.6 billion of direct funding. The remaining should come over the coming years as we continue fulfilling the various milestones stipulated in the contract. Mike Beckman: Thanks, Matt. Move on to our next caller, please. Operator: Our next question is from Analyst with Wells Fargo. Analyst: Yes, thanks for taking the question. I was curiou”