“First, on the CapEx expectation for 2026, it continues to be $2 billion to $3 billion. I could not skew it -- I would not skew it or bias it lower on the lower end at this point. If anything, it could be on the higher end of that midpoint, just given demand and how we want to support that for the subsequent years.”

In context

“Rafael Lizardi : Yes. So a couple of things in your question. First, on the CapEx expectation for 2026, it continues to be $2 billion to $3 billion. I could not skew it -- I would not skew it or bias it lower on the lower end at this point. If anything, it could be on the higher end of that midpoint, just given demand and how we want to support that for the subsequent years. On your ITC question, ITC can be choppy because it's for equipment that was placed in service the prior year. And so you just saw the first half or even the quarter, it was net -- it was more ITC than CapEx, but you shouldn't expect that. In fact, if anything, going forward, because a lot of the CapEx will be disproportionately placed in the assembly test operation, which is not in the United States, that portion does not get ITC. So we'll continue to file and get 35% ITC on U.S. manufacturing front end and expect that benefit, but just -- it can be a little choppy over the years.”