Well. Ninety-five percent of our wafers come from one foundry we don't name. Our requirements represent a meaningful portion of its capacity. No long-term commitments — purchase orders only, no minimums. It has raised prices and may again. We call that dependency, not partnership. The indium-phosphide wafers for optics? Sole-sourced from our Breinigsville fab. That's the full picture.
I mean, Q1 revenue came in at $56.3 billion, up 33% year-over-year, with operating income of $22.9 billion at a 41% margin. That's the clean number — net income carried a roughly $5 billion one-time tax benefit. Full-year 2025 capex was $72.2 billion. The bill comes due either way.
Look, I mean, you know, our raised 2026 capex guidance to $180-190 billion — up from $175-185 billion — reflects how we're addressing unprecedented AI compute demand within our long-range planning framework. Part of the step-up is the Intersect energy acquisition. Q1 technical infrastructure spend was $35.7 billion, up 107%. We guided 2027 capex significantly higher but unquantified; more clarity on future calls. Scaling pressure on depreciation and energy costs stays in the P&L.
