TI(US:TXN) Zhi Tong Cai Jing·2026-01-26 07:30Core Viewpoint - Texas Instruments (TXN.US), known as a "barometer of global chip demand," is set to release its latest quarterly earnings, with analysts focusing on whether the unprecedented AI wave will drive chip demand from AI chips and storage chips to analog chips, potentially leading to a strong recovery for Texas Instruments and its peers [1][6]. Group 1: Earnings Performance - Texas Instruments reported third-quarter revenue of approximately $4.74 billion, exceeding analyst expectations by about 1.9% and showing a year-over-year increase of 14.2% [1]. - The adjusted operating profit for the third quarter significantly surpassed analyst consensus, but the revenue outlook for the next quarter was notably below expectations [1]. - Analysts expect fourth-quarter revenue to grow by 11.3% year-over-year to $4.46 billion, contrasting with a 1.7% decline in the same period last year [1][2]. Group 2: Analyst Sentiment - Over the past 30 days, analysts covering Texas Instruments have slightly upgraded their forecasts, indicating expectations for core business performance and potential revenue growth driven by AI data center developments [5]. - The semiconductor sector has seen a positive investor sentiment, with an average stock price increase of 14.3% over the past month, while Texas Instruments' stock rose by 9.9% during the same period [5]. Group 3: AI and Market Trends - The ongoing construction of AI data centers is expected to drive demand for analog chips, with analysts predicting a "super bull market" for these chips as the AI infrastructure investment wave continues [6][8]. - Texas Instruments has positioned its power management systems as critical components for AI data centers, with expectations of over 50% growth in AI data center-related business by 2025, amounting to approximately $1.2 billion [7]. - The global AI infrastructure investment wave is projected to reach $3 trillion to $4 trillion by 2030, indicating a significant opportunity for Texas Instruments as AI data center expansions accelerate [8]. Group 4: Product and Market Position - Texas Instruments is a leading seller of analog chips and a key player in the MCU market, with a market share of approximately 19%-20% in analog chips and ranking among the top five in the MCU sector [10][11]. - The company's extensive product lineup includes over 80,000 analog, power, signal chain, and MCU products, serving more than 100,000 customers across various end markets [11]. - The performance of Texas Instruments is often seen as a leading indicator of demand trends in the broader semiconductor market, reflecting changes in inventory cycles and overall industrial demand [11].