§ docs  ·  TXN  ·  Sources
ticker
TXN
company
Texas Instruments Incorporated
citations
165
analysts
7
generated
2026-05-03

Sources — Texas Instruments Incorporated (TXN)

The deduplicated catalogue of every citation referenced across TXN's seven analyst memos and PM thesis. Sorted by source type; analysts that cited each source are listed under its title.

Texas Instruments 2024 Annual Report (10-K filed Feb 14, 2025)

10-K supply-chain-analyst 2026-05-04 investor.ti.com
  • Manufacturing footprint: RFAB1+RFAB2 (Richardson TX), LFAB1+LFAB2 (Lehi UT), SM1+SM2 (Sherman TX) all 300mm
  • 95% internal-mfg target by 2030 with >80% on 300mm
  • 'Foundries and subcontractors used selectively to supplement internal capacity'
  • US facilities ~17M sqft; ex-US ~12M sqft (~2M leased) at YE2024

TXN Q1 2026 Earnings Transcript — The Motley Fool

transcript competitor-analyst 2026-05-04 fool.com
  • Q1 2026 revenue $4.83B +19% YoY; analog revenue $3.92B +22% YoY; embedded +12%
  • Data center +90% YoY; industrial +30% YoY
  • Gross margin 58.0%; operating margin 37%
  • Q2 2026 guidance $5.0B-$5.4B revenue, EPS $1.77-$2.05

TI unveils complete 800 VDC power architecture for AI data centers with NVIDIA — TI.com (Mar 16, 2026)

news competitor-analyst 2026-05-04 ti.com
  • TI 800V architecture: 800V hot-swap, 800V-to-6V isolated bus converter at 97.6% peak efficiency / >2000W/in³, 6V-to-<1V multiphase buck
  • Complete BOM offer at NVIDIA GTC 2026: 30kW 800V AC/DC PSU, 800V capacitor bank with EDLC supercaps at 40W/in³
  • Two-stage architecture (vs Navitas single-stage), positioned as TI's vertical-integration flagship product

AI Diffusion IFR (90 FR 4544, January 13, 2025)

regulatory-filing regulatory-analyst 2026-05-04 federalregister.gov
  • Country-tier framework for advanced AI accelerators
  • TI products outside scope; cohort regulatory differential vs NVDA/AVGO

AVGO/customer.md — comparative concentration / contract structure frame

internal-cohort-comparator customer-analyst 2026-05-04
  • Hyperscaler concentration comparative frame: AVGO has named >10% customers (Apple ~20%, Google ~10-12%); TXN has none — anti-AVGO concentration profile
  • Contract structure comparative frame: AVGO has formal RPO + multi-year ASIC tape-outs + ELA-locked software; TXN has socket-level switching cost as moat substitute, no formal RPO
  • Demand quality comparative frame: AVGO has clean pull-through with some Tomahawk pre-buy; TXN has majority direct pull-through with bounded ~20% distribution channel-fill exposure

CHIPS and Science Act of 2022 (P.L. 117-167)

law regulatory-analyst 2026-05-04 congress.gov
  • Statutory basis for §9902 direct grant program and §48D Advanced Manufacturing ITC
  • 10-year PRC advanced-node guardrail codification

Cohort companies.json TXN entry (v2, 2026-05-04)

internal-research customer-analyst 2026-05-04
  • TXN cohortRationale: vertical-integration anchor in three-way GaN race; spans chip→board through analog/embedded power management content
  • TXN catalysts: 95%+ internal manufacturing target by 2030; 200mm production / 300mm pilot complete; Morroni EV-to-rack supply-chain crossover; embedded-analog destock-to-restock cycle absorbing under-utilized capacity
  • TXN risks: capex-heavy vertical integration carries cyclical risk; vertical-integration bet may underperform Infineon scale or Navitas density

Cohort companion — AVGO market memo (TAM triangulation methodology)

internal-cross-reference market-positioning-analyst 2026-05-04
  • Cohort TAM frame methodology — triangulate independent vs company-disclosed sizing

Cohort companion — NVTS market memo (bifurcated GaN frame)

internal-cross-reference market-positioning-analyst 2026-05-04
  • Discrete vs IC tier bifurcation in GaN; Yole DC GaN $380M 2030 anchor; cycle calendar 2027-2030

Cohort corpus.md — Note 1 'The AI Power Crisis — Part 2' (TXN/Morroni references)

internal-research customer-analyst 2026-05-04
  • Direct quote (line 100): 'As TI's Jeffrey Morroni put it, the technology and semiconductor infrastructure that safely supports an 800V EV looks very similar to what an 800V rack infrastructure needs.'
  • Direct quote (line 194): 'Infineon fights with scale, TI with vertical integration, and Navitas with density.'
  • Direct quote (line 196): 'TI is already in production on 200mm, has completed its 300mm pilot work, and is targeting 95%+ internal manufacturing by 2030.'
  • Quote (line 198): 'TI pushes on cost structure and manufacturing control.'

Cohort refinement-log.md — C-NVTS-1 cross-ticker brief for TXN

internal-process customer-analyst 2026-05-04
  • Cross-ticker learning #1 for TXN: 'Address TI's GaN vertical strategy head-on. The cohort frame is TI vertical vs Infineon scale vs Navitas density — TI must be evaluated on whether the vertical-integration thesis converts (200mm production → 300mm pilot done → 95% internal by 2030). The March 2026 800V-to-6V product (97.6% efficiency, >2000W/in³) is an anchor.'
  • Cross-ticker learning #2 for TXN: 'Address Innoscience' — Bank of America / Yole 2024 share data places TI #5-6 on pure-GaN device share
  • Cross-ticker learning #3 for TXN: 'Embedded-analog cycle (synthesis theme #11) is TXN's near-term catalyst, not the 800V GaN narrative. Don't conflate.'
  • Finding 3 cohort-wide: 'No major box-builder (VRT, ETN, Schneider, Delta) has a publicly named Navitas-anchored 800VDC reference design as of May 2026' — applied to TI: not named at box-builder lead-partner level either, despite NVIDIA-anchor closure via GTC March 2026

Cohort sibling — AVGO/macro.md (macro lens)

internal-cross-reference macro-analyst 2026-05-04
  • Equity-duration baseline for cohort comparison (AVGO higher duration than TXN, both materially lower than NVTS)
  • Cohort-typical fabless + TSMC FX profile (USD revenue / TWD cost) — contrast with TXN US-fab vertical model
  • ASIC pricing-power baseline transferable to TXN's analog ASP-stickiness analysis

Cohort sibling — NVDA/macro.md (macro lens)

internal-cross-reference macro-analyst 2026-05-04
  • Hyperscaler operating-cash-flow funding model — basis for TXN AI-DC rate-insulation argument
  • AI-capex super-cycle modal expectation (~$600B / ~50 GW 2026 hyperscaler capex)
  • Taiwan-tail revenue-magnitude framing for cohort-relative comparison

Cohort sibling — NVTS financial.md (pair-trade counterweight)

cohort-sibling financial-analyst 2026-05-04
  • NVTS at 82.7x EV/Sales vs TXN at 14.4x — opposite valuation poles in same cohort
  • NVTS bear case -75%, bull case +150% — pair break-point at TXN ~$210
  • TXN as cohort anchor with bounded downside vs NVTS architectural optionality

Cohort sibling — NVTS/macro.md (carry-forward C-NVTS-1 brief)

internal-cross-reference macro-analyst 2026-05-04
  • C-NVTS-1 finding: NVTS amplifies (does not hedge) cohort Taiwan-tail and AI-capex concentration
  • TXN identified as candidate primary cohort macro hedge — direct carry-forward instruction
  • Cohort Taiwan-tail probability framing inherited (2–4%/yr kinetic, 5–8%/yr blockade)
  • Rate-sensitivity baseline: NVTS duration-heavy small-cap vs TXN moderate mature dividend-payer comparison

Cohort sibling — WOLF/macro.md (macro lens)

internal-cross-reference macro-analyst 2026-05-04
  • Auto-loan rate channel for EV end-market modeling — mechanism applied to TXN auto segment
  • CHIPS / IRA cost-side tailwind framework — extended to TXN's $1.6B + 25% ITC analysis
  • US-domestic fab footprint as Taiwan-tail hedge — extended to TXN US-fab analysis
  • Chinese substrate competition dynamic transferable to commodity-analog substitution analysis for TXN China revenue base

Cohort Synthesis (semiconductor-industry/synthesis.md) — macro lens

internal-synthesis macro-analyst 2026-05-04
  • Section 0 cohort scope decision and TXN deep-dive promotion under chip-to-grid framing
  • Section 3 theme #1 (voltage-stack redesign at every layer simultaneously)
  • Section 3 theme #3 (GaN/SiC competitive structure: 'Infineon scale, TI vertical, Navitas density')
  • Section 3 theme #4 (supply chain chose 800V — Morroni 'EV-to-rack supply chain crossover' anchor)
  • Section 3 theme #11 (embedded-analog cycle: Q3 2023 trough → restock 2025–2026, TXN-specific framing)
  • Section 5 tailwinds/headwinds — vertical-integration capex cycle (TI 95% by 2030), EV supply chain crossover into AI infrastructure
  • Section 6 contested claim #15 (Schneider 2028–2030 timing as calendar-mismatch counterweight)
  • Open Question #1 (Taiwan-tail concentration) and Open Question #2 (GaN three-way race timing)

Cohort synthesis — chip-to-grid value chain, GaN three-way race, supply-chain-chose-800V, embedded-analog cycle, Taiwan-tail Open Question

internal-cross-reference supply-chain-analyst 2026-05-04
  • TXN at L8b/L8c spans chip→board
  • Section 3.3 GaN three-way race: TI vertical / NVTS density / Infineon scale
  • Section 7 Open Question §1: Taiwan-tail concentration as cohort's biggest unhedged risk

Cohort synthesis.md (semiconductor-industry, 2026-05-04 refresh) — TXN-relevant sections

internal-research customer-analyst 2026-05-04
  • Section 2 value-chain map: TXN positioned at L8b (high-density GaN conversion) + L8c (board-level VRM/BCM/eFuse analog power management) — only deep-dive name spanning both layers
  • Section 2 L8c row explicitly names MPWR at 'last-mm VRM' — establishes MPWR as named share-gainer at AI-server VRM
  • Section 3.3 GaN three-way race: 'Infineon scale, TI vertical, Navitas density'
  • Section 3.4: Morroni quote ('the technology and semiconductor infrastructure that safely supports an 800V EV looks very similar to what an 800V rack infrastructure needs') — load-bearing in-corpus anchor
  • Section 3.11 embedded-analog cycle TXN-specific theme — destocking → restock cycle as NTM swing factor

EU CSRD / ESRS reporting framework

regulatory-filing regulatory-analyst 2026-05-04 finance.ec.europa.eu
  • Corporate Sustainability Reporting Directive applicability to TI EU subsidiaries
  • Wave-1 thresholds — Freising, Munich, Reading, Nice operations

Industry analyst consolidated TXN segment / customer / channel models (Bernstein, Citi, Morgan Stanley, BofA Global Research)

industry-analyst customer-analyst 2026-05-04 research.bernsteinresearch.com
  • AI-server analog content per server estimated ~$50-150 (8-GPU baseline) + $200-400 per AI rack at platform level (industry analyst aggregation; not TI-disclosed at SKU level)
  • Auto Tier-1 named set within Automotive segment (~70-80% of segment revenue): Bosch, Continental, Denso, ZF, Aptiv, Magna, Forvia, Valeo, Mando, Hyundai Mobis, plus auto OEM direct relationships
  • Estimated top 5 customer concentration ~15-18% of revenue; top 10 ~25-30% (consistent with TI's >40%-outside-top-100 disclosure)
  • SKU portfolio ~80,000 catalog parts; customer count ~100,000 globally (TI long-running disclosure)

INTC regulatory analysis — §48D ITC scale and CHIPS covenants comparator

internal-cohort-comparator regulatory-analyst 2026-05-04
  • §48D ITC scaling methodology
  • CHIPS buyback / dividend / clawback covenant interpretation

Macro regime baseline (general-knowledge synthesis, 2026-05-04)

macro-baseline macro-analyst 2026-05-04
  • US 10y ~4.0–4.5% / Fed funds 3.75–4.25% / 5y real ~1.5–2.0%
  • DXY mid-100s; EUR/USD trading 1.05–1.12 range
  • Auto-loan rate environment 2023–2026 suppressing US/EU EV unit demand by ~5–10% per 100bp
  • Embedded-analog cycle Q3 2023 trough per peer disclosures (ADI, MCHP, NXP, ON) — restock running unevenly through 2024–2026
  • Sticky services inflation ~3% core; goods deflating; net moderate-inflation regime
  • Hyperscaler 2026 AI capex framing per cohort synthesis Section 5

NIST CHIPS Program Office

regulatory-program regulatory-analyst 2026-05-04 nist.gov
  • CHIPS Act §9902 direct grant program structure
  • Milestone audit framework for disbursement tranches
  • Standard guardrails (buyback / dividend / PRC expansion / clawback)

NVDA regulatory analysis — BIS export-control scope comparator

internal-cohort-comparator regulatory-analyst 2026-05-04
  • BIS advanced-computing rule scope demonstration
  • Cohort regulatory differential — TI relative insulation in analog/embedded category

NVIDIA Developer Blog — 'NVIDIA 800 V HVDC Architecture Will Power the Next Generation of AI Factories' (May 2025)

press-release customer-analyst 2026-05-04 developer.nvidia.com
  • Infineon named lead partner in NVIDIA 800V HVDC ecosystem (May 2025); Navitas named ecosystem partner; TI not named at that time
  • Establishes the named-partner gap that the March 16 2026 NVIDIA GTC complete-architecture announcement subsequently closed for TI at the architecture-anchor level
  • Cross-checked through May 2026: no public Vertiv-TI / Eaton-TI / Schneider-TI / Delta-TI 800V GaN reference-design joint announcement found at the box-builder level

NVTS regulatory analysis — subsidy asymmetry comparator

internal-cohort-comparator regulatory-analyst 2026-05-04
  • NVTS receives zero CHIPS direct grant or DOE LPO; TI receives $1.61B + ~$4.5B §48D
  • Subsidy-disadvantage asymmetry directly cited per refinement-log C-NVTS-1

NVTS supply-chain analysis — TSMC GaN exit by July 2027, foundry transition framing

internal-cross-reference supply-chain-analyst 2026-05-04
  • TSMC ends GaN foundry by end-July 2027
  • NVTS triple-foundry transition (PSMC + GF Burlington + X-Fab) — the 'two halves of the same story' brief
  • TXN vertical integration as the structural hedge to NVTS foundry-loss

NVTS/customer.md — Reference-Design Partners cross-reference

internal-cohort-comparator customer-analyst 2026-05-04
  • Cross-reference establishing the 800V GaN named-partner gap as of late April 2026: NVTS customer analyst found no public Vertiv / Eaton / Schneider / Delta reference design naming Navitas at the GaN partner level
  • Same gap applied to TXN at the box-builder level pre-March 2026; TI's March 16 2026 NVIDIA GTC complete-architecture announcement closes the gap at the architecture-anchor level (NVIDIA itself); box-builder-level disclosure remains pending
  • C-NVTS-1 cross-ticker brief: 'reference-design partner naming is the critical disclosure for the cohort'

Peer valuation — Microchip (MCHP) statistics

data-aggregator financial-analyst 2026-05-04 stockanalysis.com
  • MCHP: $51B mcap, 12.8x EV/Sales, 57.1x EV/EBITDA, 38.6x forward P/E, 1.6% FCF yield, 1.9% dividend yield, 6.3% operating margin (cyclical bottom)

Refinement log — C-NVTS-1 carry-forward

internal-process regulatory-analyst 2026-05-04
  • Subsidy asymmetry citation requirement (NVTS zero CHIPS, TI $1.61B)
  • April 2, 2026 ITC Infineon-v-Innoscience FD as cross-cohort GaN IP catalyst

Texas Instruments Capital Management Review (Haviv Ilan, CEO)

investor-presentation financial-analyst 2026-05-04 investor.ti.com
  • Free cash flow per share is the primary metric for measuring shareholder value creation
  • Dividend grows every year regardless of cycle (22-year streak)
  • Buybacks opportunistic and suspended during capex peak
  • Target: 95%+ internal wafer sourcing by 2030; 80%+ on 300mm; 90%+ assembly internal
  • Fab roadmap: RFAB2 (Richardson), LFAB1 (Lehi), SM1/SM2 (Sherman) ramping by demand
  • $20B open buyback authorization at year-end 2025

Texas Instruments CHIPS Act funding award (December 2024)

company-press-release financial-analyst 2026-05-04 ti.com
  • Up to $1.6B CHIPS Act direct funding award
  • Estimated $6-8B Investment Tax Credit (ITC, ~25%) over fab build life
  • Combined ~$7.6-9.6B subsidy offset against $60B+ headline capex commitment

Texas Instruments Citizenship Report FY2024

company-disclosure regulatory-analyst 2026-05-04 ti.com
  • Scope 1 ~1.6 Mt CO2e; Scope 2 ~3.4 Mt CO2e
  • Water reclamation targets; Sherman site environmental commitments (>80% recycle target)
  • 95th-percentile peer disclosure

Texas Instruments February 2026 Capital Management Review coverage (Yahoo Finance)

third-party-analysis financial-analyst 2026-05-04 finance.yahoo.com
  • 2026 capex slashed from $4.6B (FY25) to $2.0-3.0B guide
  • FY2025 actual FCF/share: $3.23
  • FY2026 target: $8+ FCF/share
  • FY2025 share repurchases $1.5B; cumulative shares outstanding -47% since 2004
  • Silicon Labs acquisition closing 1H 2027, financed by cash on hand and debt arranged pre-closing

Texas Instruments FY2025 Annual Report and Notice of 2026 Annual Meeting

annual-report financial-analyst 2026-05-04 investor.ti.com
  • FY2025 revenue $17.7B (+13% YoY)
  • FY2025 free cash flow $2.6-2.9B / 14.7% of revenue (+96% YoY)
  • FY2025 capital expenditures $4.6B
  • 22 consecutive years of dividend increases through Q4 2025
  • Quarterly dividend raised to $1.42/share (+4%) in Q4 2025
  • Total cash returned to shareholders $6.5B in 2025

The AI Power Crisis — Part 2 (cohort vault note, ingested 2026-05-03) — macro/Morroni anchor

vault-note macro-analyst 2026-05-04
  • Direct corpus quote: 'TI is already in production on 200mm, has completed its 300mm pilot work, and is targeting 95%+ internal manufacturing by 2030'
  • Morroni quote: 'the technology and semiconductor infrastructure that safely supports an 800V EV looks very similar to what an 800V rack infrastructure needs'
  • Competitive frame: 'Infineon fights with scale, TI with vertical integration, and Navitas with density'
  • EV supply chain crossover into AI data center as second demand curve — 800V ecosystem context

TI reports Q4 2025 and 2025 financial results

company-disclosure market-positioning-analyst 2026-05-04 ti.com
  • Q4 2025 analog $3.6B +14% YoY; embedded $662M +8%; data center $1.5B +64% YoY (~9% of total)
  • FY25 capex $4.6B; FY26 guide $2-3B (capex tapering)

TI Sherman, Texas: 300mm wafer fabs (manufacturing site disclosure)

company-page supply-chain-analyst 2026-05-04 ti.com
  • SM1 in production Dec 17 2025 (3.5-year build)
  • SM2 shell complete; cleanroom + tools begin 2026
  • SM3-SM4 sequencing through end of decade
  • Up to $40B Sherman-site investment ceiling; 1.3M sqft cleanroom; 3,000 TI jobs
  • Named customers at SM1 launch: Apple, Ford, Medtronic, NVIDIA, SpaceX

TI worldwide manufacturing overview (company-page disclosure)

company-page supply-chain-analyst 2026-05-04 ti.com
  • Seven captive A/T sites globally: Aguascalientes (MX), Chengdu (CN), Kuala Lumpur (MY), Melaka×2 (MY), Baguio (PH), Pampanga/Clark (PH), Aizu (JP), Miho (JP)
  • Wafer fab list: Sherman (SM1-SM4), Lehi (LFAB1-2), Richardson (RFAB1-2), Dallas (legacy 200mm + GaN), Aizu, Miho
  • Cheonan, Korea NOT listed as a TI manufacturing site (corrects prompt assumption)

TIKR Blog — Texas Instruments 2025 free cash flow doubled analysis

third-party-analysis financial-analyst 2026-05-04 tikr.com
  • FY2025 FCF/share $3.23 (up 97% YoY from $1.63 in FY2024)
  • Capex $4.6B in 2025 → $2-3B guide for 2026 (end of 6-year elevated investment cycle)
  • Depreciation $1.9B in 2025 → $2.2-2.4B in 2026 (~$400M step-up)
  • S&P 500 94th percentile for cash returns to shareholders

TSM regulatory analysis — Section 232 / CHIPS PMT covenant comparator

internal-cohort-comparator regulatory-analyst 2026-05-04
  • Section 232 framing methodology
  • CHIPS Arizona PMT covenants comparable to TI Sherman/Lehi

TSM supply-chain analysis — Taiwan-tail framework, tier-2 chokepoint analysis

internal-cross-reference supply-chain-analyst 2026-05-04
  • Cohort baseline for Taiwan exposure (~92% TSMC vs <5% TXN)
  • Tier-2 chokepoints (ZEISS, Inpria, Aixtron) with TXN's differential exposure (no EUV → no ZEISS/Inpria; Aixtron is the only shared chokepoint)

TXN income statement, cash flow, balance sheet, statistics — StockAnalysis.com

data-aggregator financial-analyst 2026-05-04 stockanalysis.com
  • FY21-FY25 revenue / margin / earnings time series (rev: $18.3B / $20.0B / $17.5B / $15.6B / $17.7B)
  • FY21-FY25 OCF / capex / FCF time series (FCF: $6.3B / $5.9B / $1.3B / $1.5B / $2.6B)
  • FY22-FY25 balance sheet: cash drained $9.1B → $4.9B; total debt $8.7B → $14.0B; flipped to net debt $9.2B
  • FY21-FY25 SBC % revenue: 1.3-2.5% (cohort-clean)
  • Current valuation: market cap $256B, EV $264B, P/E TTM 48x, forward P/E 34x, EV/EBITDA 30.5x, EV/Sales 14.4x, FCF yield 1.5%, dividend yield 2.0%
  • Beta 0.99, ROE 32.4%, current price $280.89

TXN Q3 2025 earnings call transcript (October 21, 2025)

earnings-transcript financial-analyst 2026-05-04 fool.com
  • Q3'25 revenue +14% YoY / +7% sequential
  • Q3'25 industrial +25%, auto +upper-single-digits, comms +45%, enterprise +35% all YoY
  • Q3'25 Analog +16% YoY, Embedded Processing +9% YoY
  • Data center running at $1.2B run-rate in 2025, +50% YoY first three quarters
  • Customer inventory depletion 'behind us' — destock-to-restock inflection confirmed in Q3

TXN Q4 2025 earnings call transcript (January 27, 2026)

earnings-transcript financial-analyst 2026-05-04 fool.com
  • FY2025 segment revenue: Analog +14% YoY, Embedded Processing +8% YoY
  • FY2025 end markets: Industrial $5.8B (+12%), Auto $5.8B (+6%), Personal Electronics $3.7B (+7%), Data Center $1.5B (+64%), Comms ~$500M (+20%)
  • FY2025 CHIPS Act cash benefit received: $670M
  • FY2025 debt outstanding $14B at 4% weighted-average coupon
  • Dividend $1.42/share quarterly, 22nd consecutive annual increase

Vault corpus — Morroni quote and three-way GaN competitive frame

vault-corpus financial-analyst 2026-05-04
  • Jeffrey Morroni (TI): 'the technology and semiconductor infrastructure that safely supports an 800V EV looks very similar to what an 800V rack infrastructure needs'
  • Competitive frame: 'Infineon fights with scale, TI with vertical integration, and Navitas with density' (AI Power Crisis Part 2)
  • TI 200mm in production, 300mm pilot complete, 95%+ internal manufacturing target by 2030

WSTS Fall 2025 Forecast

industry-research market-positioning-analyst 2026-05-04 wsts.org
  • $975.5B 2026 global semis; analog moderate recovery 2026 vs Logic/Memory steepness

WSTS Spring 2025 Forecast

industry-research market-positioning-analyst 2026-05-04 wsts.org
  • Analog +7.5% growth in 2025; global semis $772.2B 2025