德州仪器继续暴跌，17年最惨

Core Viewpoint - Texas Instruments' stock dropped 13% due to cautious management tone and weak quarterly profit forecast, raising investor concerns about tariff impacts [1][2] Financial Performance - Texas Instruments reported Q2 revenue of $4.45 billion, a 16% increase year-over-year, with operating profit rising 25% to $1.56 billion [12] - The company expects Q3 revenue to be between $4.45 billion and $4.8 billion, with an average analyst expectation of $4.57 billion [2][12] - Q3 earnings per share are projected at approximately $1.48, slightly below average expectations [2] Market Dynamics - The automotive sector has not yet recovered, and management expressed concerns about the pace and strength of recovery due to tariffs disrupting global supply chains [4][5] - Analysts noted a significant shift in management's tone regarding geopolitical and tariff risks, indicating a more cautious outlook compared to previous quarters [5][13] Inventory and Demand - The company observed strong orders in early Q2, with some customers increasing inventory in response to tariff concerns, but inventory levels have since normalized [3][12] - There is uncertainty about how much of the previous quarter's revenue growth was driven by customers preemptively ordering to avoid tariffs [5][12] Industry Context - The semiconductor industry is facing pressure from rising costs of chip manufacturing equipment and reduced customer spending due to tariffs [5][8] - Major players like ASML and TSMC have also warned about uncertainties related to tariffs [6] Strategic Outlook - Texas Instruments remains confident in its long-term growth potential, expecting continued demand for semiconductors across various products [13] - The company plans to invest over $60 billion in expanding chip manufacturing facilities in Texas and Utah [9]