Texas Instruments Incorporated (NASDAQ:TXN) Bank of America Global Technology Conference June 4, 2025 2:20 PM ETCompany ParticipantsDave Pahl - Head of Investor Relations & VPRafael R. Lizardi - Senior VP & CFOConference Call ParticipantsVivek Arya - BofA Securities, Research DivisionVivek AryaGood morning. Welcome back. Really happy to have the management team from Texas Instruments join us today, Rafael Lizardi, Chief Financial Officer; and Dave Pahl, Head of Investor Relations. I'm Vivek Arya from the BofA semiconductor team. Typical fireside session. I'll have my questions, but please feel free to raise your hand if you would like to bring up anything. But really delighted to see you, Rafael and Dave. I appreciate you joining us.Rafael R. LizardiThank you. Good morning. Happy to be here.Question-and-Answer SessionVivek AryaSo maybe let's start, Rafael, with the state of the union, how you're seeing the demand environment shape up a lot of macro crosscurrents obviously? But how are you seeing the demand environment shape up right now versus what you thought at the start of the year?Rafael R. LizardiYes. No. As we said at the last earnings call, we're starting to see a broad recovery in this space is what appears to be the beginning of semiconductor cyclical upturn, and it's coming in at a time when we are very well prepared -- bless you. Very well prepared for it. We've been investing in inventory, but more importantly, on CapEx over the last 4 or so years. And we have our Phase 2, we have SM1, SM2. We have LFAB1 and LFAB2 at different levels of completion, and we're ready for what the market throws at us.Vivek AryaOkay. When you came up with the CapEx plan, Rafael, a few years ago, at that time, the