Key Points Industry/Company - **Company**: Texas Instruments Incorporated (NASDAQ: TXN) - **Industry**: Semiconductor Core Points and Arguments - **Strategic Focus**: TI is focusing on Analog and Embedded Processing products, with a strong emphasis on industrial and automotive markets. - **Growth Expectations**: TI expects to grow its revenue and market share in the next decade, driven by increasing semiconductor content in industrial and automotive applications. - **Capacity Investments**: TI is investing in 300-millimeter wafer fabs to meet customer demand and ensure geopolitical reliability. - **Capital Allocation**: TI plans to spend approximately $5 billion in CapEx per year through 2025, with a range of $2 billion to $5 billion in 2026, depending on revenue. - **Free Cash Flow**: TI aims to achieve free cash flow per share growth across a range of market conditions, driven by revenue growth and a scalable CapEx strategy. Other Important Points - **CHIPS Act Funding**: TI has signed a preliminary agreement with the U.S. Department of Commerce for up to $1.6 billion in proposed direct funding under the CHIPS and Science Act, which will help fund the construction of SM1, LFAB2, and SM2. - **Investment Tax Credit**: TI expects to receive an estimated $6 billion to $8 billion in investment tax credit, which will further support its capacity investments. - **Market Recovery Scenarios**: TI has provided four revenue scenarios for 2026, representing a range of market conditions, including rapid market recovery, zero growth, and persistently weak market. - **Competitive Advantage**: TI's competitive advantages include its broad portfolio of Analog and Embedded Processing products, manufacturing and technology foundation, and strong customer relationships. - **Geopolitical Dependability**: TI is investing in capacity to ensure geopolitical dependability for its Analog and Embedded Processing semiconductors. Key Metrics - **Revenue**: $20 billion to $26 billion in 2026 - **CapEx**: $2 billion to $5 billion in 2026 - **Free Cash Flow per Share**: $8 to $12 in 2026 - **Internal Wafer Sourcing**: More than 90% by 2026, with more than 95% by 2030 - **Assembly Internal**: More than 85% by 2026 References - [1] - [5] - [6] - [8] - [10] - [11] - [12] - [13] - [14] - [15] - [16] - [17] - [18] - [19] - [20] - [21] - [22] - [23] - [24] - [25] - [26] - [27] - [28] - [29] - [30] - [31] - [32] - [33] - [34] - [35] - [36] - [37] - [38] - [39] - [40] - [41] - [42] - [43] - [44] - [45] - [46] - [47] - [48] - [49] - [50] - [51] - [52] - [53] - [54] - [55] - [56] - [57] - [58] - [59] - [60] - [61] - [62] - [63] - [64] - [65] - [66] - [67] - [68] - [69] - [70] - [71] - [72] - [73] - [74] - [75] - [76] - [77] - [78] - [79] - [80] - [81] - [82] - [83] - [84] - [85] - [86] - [87] - [88] - [89] - [90] - [91] - [92] - [93] - [94] - [95] - [96] - [97] - [98] - [99] - [100] - [101] - [102] - [103] - [104] - [105] - [106] - [107] - [108] - [109] - [110] - [111] - [112] - [113] - [114] - [115] - [116] - [117] - [118] - [119] - [120] - [121] - [122] - [123]

WEST PALM BEACH, Fla., Aug. 20, 2024 /PRNewswire/ -- Elliott Investment Management L.P. (together with its affiliates "Elliott") today released the following statement attributed to Managing Partner Jesse Cohn and Partner Jason Genrich regarding Texas Instruments (NASDAQ: TXN) ("TI" or the "Company"):We commend Texas Instruments on today's capital-allocation update, which re-affirms TI's long-standing commitment to shareholders that long-term growth of free cash flow per share is the Company's true north. D ...

Key TakeawaysTexas Instruments said it has a preliminary agreement with the U.S. Department of Commerce to receive up to $1.6 billion in CHIPS Act money for three semiconductor factories being built in Texas and Utah.The company also believes it will be getting $6 billion to $8 billion in tax breaks, and $10 million for creating jobs.Citi analysts wrote that TI will announce a reduction in capital expenditures next week. Texas Instruments (TXN) struck a preliminary agreement with the U.S. Department of Comm ...

This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: The US government says it has signed a preliminary agreements with Texas Instruments to give the company up to $1.6 billion in support of new facilities in the country. The US government said Friday it has signed a preliminary agreement with semiconductor manufacturer Texas Instruments to give the company up to $1.6 billion to h ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

"The historic CHIPS Act is enabling more semiconductor manufacturing capacity in the U.S., making the semiconductor ecosystem stronger and more resilient," said Haviv Ilan, president and CEO of Texas Instruments. "Our investments further strengthen our competitive advantage in manufacturing and technology as we expand our 300mm manufacturing operations in the U.S. With plans to grow our internal manufacturing to more than 95% by 2030, we're building geopolitically dependable, 300mm capacity at scale to prov ...

News highlights:New DLP® controller is 90% smaller than the previous generation, enabling compact design for consumer applications, such as lifestyle projectors, gaming projectors and augmented reality glasses.Designers can replicate the experience of immersive, high-end gaming monitors in a fraction of the size with submillisecond display latency and frame rates up to 240Hz.DALLAS, Aug. 6, 2024 /PRNewswire/ -- Texas Instruments (TI) (Nasdaq: TXN) today introduced a new display controller to enable the smal ...

证券研究报告 | 公司动态点评 2024 年 08 月 01 日 德州仪器（TXN.O） 中国区销售回暖增长，模拟芯片市场有望企稳止跌 | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|---------|---------|---------| | 财务指标 | FY2022A | FY2023A | FY2024E | FY2025E | FY2026E | | 营业收入（百万美元） | 20,028 | 17,519 | 16,162 | 18,717 | 22,596 | | 增长率 yoy（%） | 9.2 | -12.5 | -7.7 | 15.8 | 20.7 | | 净利润（百万美元） | 8,710 | 6,477 | 5,890 | 7,033 | 8,845 | | 增长率 yoy（%） | 12.6 | -25.6 | -9.1 | 19.4 | 25.8 | | ROE（%） | 68.8 | 62.9 | 65.1 | 67.5 | 69.1 | | EPS 最新摊薄（ ...

Investment Rating - The report does not explicitly mention an investment rating for Texas Instruments (TXN) [1][2][3] Core Views - Texas Instruments (TXN) reported Q2 2024 revenue of $3.822 billion, down 16% YoY but up 4.4% QoQ, slightly above the guidance midpoint of $3.8 billion [1][2] - Gross margin for Q2 2024 was 57.85%, down 6.37 percentage points YoY but up 0.55 percentage points QoQ, driven by revenue growth, improved capacity utilization, lower production costs, and increased internal manufacturing with 300mm wafers [2][7] - Net income for Q2 2024 was $1.127 billion, down 35% YoY but up 1.99% QoQ, exceeding market expectations of $1.089 billion [2][9] - Inventory at the end of Q2 2024 was $4.1 billion, up $23 million QoQ, with inventory turnover days decreasing by 6 days to 229 days [2][10] - Capital expenditure for Q2 2024 was $1.064 billion, down 14.7% QoQ and 26.4% YoY, with total capital expenditure over the past 12 months reaching $5 billion [2][10] Revenue Breakdown - Analog business revenue in Q2 2024 was $2.928 billion, down 11% YoY but up 3.24% QoQ, accounting for 76.6% of total revenue [2][11] - Embedded processing business revenue in Q2 2024 was $615 million, down 31% YoY and 5.67% QoQ, accounting for 16.1% of total revenue [2][11] - Other business revenue in Q2 2024 was $279 million, down 22% YoY but up 61.27% QoQ, accounting for 7.3% of total revenue [2][12] End Markets - Industrial and automotive markets continued to decline QoQ in Q2 2024, while all other end markets showed growth [2][13] - Industrial market revenue declined by low single-digit percentages QoQ, while automotive market revenue declined by mid-single-digit percentages QoQ, marking the third consecutive quarter of decline [2][13] - Personal electronics market showed strong recovery, with QoQ growth in the mid-teens percentage and YoY growth close to 20% [2][13] - Enterprise systems market also recovered, with QoQ growth of around 20% [2][13] Q3 2024 Guidance - Texas Instruments provided Q3 2024 revenue guidance of $3.94 billion to $4.26 billion, with a midpoint of $4.1 billion, representing a 7.27% QoQ increase but a 9.53% YoY decline [2][14] - EPS guidance for Q3 2024 is between $1.24 and $1.48 [2][14] Management Commentary - The company remains focused on long-term value creation, investing in manufacturing and technological capabilities, a broad product portfolio, channel coverage, and a diversified market position [2][17] - The company plans to hold a capital management call on August 20 to provide more details on capacity investments and free cash flow scenarios [2][16]

Have you looked into how Texas Instruments (TXN) performed internationally during the quarter ending June 2024? Considering the widespread global presence of this chipmaker, examining the trends in international revenues is essential for assessing its financial resilience and prospects for growth.In the modern, closely-knit global economic landscape, the capacity of a business to access foreign markets is often a key determinant of its financial well-being and growth path. Investors now place great importan ...