Texas Instruments: Near-Term Macro Headwinds But Long-Term Benefits Of Leading Analog Market Share


  • Texas Instruments’ Q4 earnings reflect weaker demand in all end markets with the exception of automotive.
  • Texas Instruments has a leading market share position in the $80 billion analog semiconductor market providing scale advantage over competitors.
  • Texas Instruments is the top chip company for industrial applications and fourth largest supplier to auto companies.
  • Texas Instruments will be a beneficiary of the CHIPS Act, but rising capex spend for fab investment will offset the long-term benefits near term.
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Texas Instruments (NASDAQ:TXN) (referred to as TI) reported fourth quarter revenue of $4.67B (-3.3% YoY) that beat by $40M. Q4 GAAP EPS of $2.13 beat by $0.15. TI’s revenue decreased 11% QoQ and 3% YoY.

Last quarter’s guidance was for

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