TI暗示芯片复苏放缓，股价大跌

Core Viewpoint - Texas Instruments Inc. has issued a weak earnings forecast for the upcoming quarter, raising concerns about the sluggish recovery in the semiconductor industry [2][3]. Group 1: Financial Performance - The company's profit for the quarter was $1.36 billion, roughly flat compared to the same period last year. Earnings per share were $1.48, slightly below analysts' expectations of $1.49 [2]. - Revenue grew by 14% to $4.74 billion, exceeding analyst forecasts of $4.65 billion. The analog segment saw a 16% increase in revenue to $3.73 billion, while the embedded processing segment grew by 9% to $709 million [2]. - The company expects fourth-quarter revenue to be between $4.22 billion and $4.58 billion, with an anticipated earnings per share of approximately $1.26, lower than the previous expectation of $1.39 [2]. Group 2: Market Conditions and Challenges - The outlook indicates that customers are slowing down orders due to escalating trade tensions and economic uncertainty, despite a rebound in demand after two years of decline [2][3]. - CEO Haviv Ilan noted that the overall semiconductor market is recovering, but at a slower pace than previous recoveries, influenced by broader macroeconomic dynamics [3]. - Industrial customers are adopting a "wait-and-see" approach regarding their factory expansion plans due to potential tariffs and other government actions [3]. Group 3: Strategic Initiatives - Texas Instruments has invested heavily in new capacity to enhance resilience and provide more options amid increasing trade barriers. The company operates four factories outside the U.S., including one in China, and is constructing new facilities in the Dallas area and near Utah [6]. - CFO Rafael Lizardi mentioned that capital expenditures have impacted cash flow and profitability, projected to reach about $5 billion this year, potentially reducing to $2 billion to $3 billion next year [7]. - The company has optimized its inventory levels and is beginning to slow production to avoid excess inventory, which may temporarily affect profitability [7].