Right associative! It's just one of the many rites of passage for people working with PHP to get bitten by its left associative ternaries. Naked nested ternaries are deprecated now, but maybe one day, PHP can have right associative ternaries.
And when is that? The docs just say it's right associative[1]. And while it's been a long time since I've written any nontrivial Perl, I don't remember ever having ?: be left associative.