U.S. CHIPS Act credits (now at 35%) and Singapore incentive agreements create a multi-year tax tailwind that enhances after-tax cash generation, funding buybacks and R&D without incremental leverage.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedthree sentences · whole, uncut
the claims it rests on · in our words, not the filing’s
As of July 26, 2026, we have recorded $1.2 billion of investment tax credits