TI(US:TXN) Zhi Tong Cai Jing·2025-09-11 11:37Core Viewpoint - Texas Instruments (TXN.US) is experiencing a recovery in demand for its analog chips, driven by the growth of its data center business, which is expected to see approximately 50% growth, returning to peak levels seen around 2022 [1][3]. Group 1: Data Center Business - The data center market is identified as the fastest-growing segment for Texas Instruments, significantly contributing to the company's recovery [1][3]. - Currently, revenue from the data center market accounts for a low single-digit percentage of Texas Instruments' total revenue, but it is projected to grow to 20% in the near future due to increasing demand for analog chips [3][4]. - The company anticipates that the data center market will be its fastest-growing sector, with expected revenues between $1 billion and $1.2 billion by the end of 2025 [2]. Group 2: AI Infrastructure and Chip Demand - The expansion of AI data centers is driving a resurgence in demand for analog chips, which are essential for the operation of AI applications like ChatGPT [4][5]. - The AI infrastructure investment wave is expected to reach $2 trillion, indicating a significant opportunity for chip manufacturers [3]. - Texas Instruments' products, such as power management and high-speed interconnects, are positioned to benefit directly from the increasing requirements of AI data centers [4][5]. Group 3: Semiconductor Market Outlook - The World Semiconductor Trade Statistics (WSTS) forecasts a strong recovery in the semiconductor market, with an expected growth of 11.2% in 2025, reaching a total value of $700.9 billion [6][7]. - The analog chip segment is anticipated to enter a robust recovery phase, contributing significantly to the overall growth of the semiconductor market [6][7]. - The semiconductor market is projected to continue its growth trajectory into 2026, with a total value reaching $760.7 billion, driven by strong demand across various chip categories, including analog and MCU [7]. Group 4: Inventory and Pricing Trends - UBS reports that the semiconductor industry's inventory and pricing trends are improving, particularly for MCU and analog chips, alleviating concerns about supply-demand imbalances [8].