德州仪器，大跌！

Core Viewpoint - Texas Instruments Inc. has provided a weak earnings forecast for the upcoming quarter, raising concerns about the sluggish recovery in the semiconductor industry [1][2]. Financial Performance - The company reported a profit of $1.36 billion, roughly flat compared to the same period last year [1]. - Revenue increased by 14% to $4.74 billion, surpassing analyst expectations of $4.65 billion [1][5]. - Earnings per share were $1.48, slightly below the expected $1.49 [1][5]. - The revenue from the analog segment grew by 16% to $3.73 billion, while the embedded processing segment saw a 9% increase to $709 million [1]. Future Outlook - Texas Instruments forecasts fourth-quarter revenue between $4.22 billion and $4.58 billion, lower than the analyst average expectation of $4.5 billion [1]. - The anticipated earnings per share for the fourth quarter is approximately $1.26, down from a previous expectation of $1.39 [1]. Market Reaction - Following the earnings report, the company's stock price fell by over 8% in after-hours trading, reflecting investor caution regarding the impact of additional tariffs and trade negotiations [2][5]. - Year-to-date, the stock has declined by about 3%, lagging behind the overall semiconductor market [2][5]. Market Dynamics - The CEO noted that the overall semiconductor market is recovering, albeit at a slower pace than previous recoveries, influenced by broader macroeconomic dynamics and uncertainty [2]. - Industrial customers are adopting a "wait-and-see" approach regarding factory expansion plans due to potential tariffs and other governmental actions [2]. Inventory and Production - The company has reached optimal inventory levels and is beginning to slow down production to avoid excess inventory, which may impact short-term profitability [7]. - Texas Instruments has invested heavily in new capacity to enhance resilience and provide more options amid increasing trade barriers [6].