Full-Time
Analog and embedded processing semiconductors
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Dallas, TX, USA
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TI designs and manufactures semiconductors, focusing on analog and embedded processing chips used by OEMs in automotive, industrial, consumer electronics, communications, and enterprise systems. Analog chips convert real‑world signals into digital data, while embedded processing chips act as the device’s brains to run specific tasks. It differentiates itself through a broad, proven portfolio, long-standing OEM relationships, and a global manufacturing footprint, alongside CSR efforts and a strong focus on employees (TIers). Its goal is to provide reliable semiconductor solutions that help customers build efficient, capable products across industries while supporting sustainable practices and community initiatives.
Company Size
10,001+
Company Stage
IPO
Headquarters
Dallas, Texas
Founded
1951
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Hybrid Work Options
Citi has reaffirmed Buy ratings on Advanced Micro Devices and Texas Instruments, citing two key semiconductor trends: accelerating AI infrastructure spending and recovering analog-chip demand. The bank expects industrial analog-chip sales to grow 30% to 35% year over year, with automotive up 12% to 15% and personal electronics rising 6% to 8%. Texas Instruments' second-quarter revenue jumped 23% to $5.46 billion, whilst operating profit increased 48%. Management guided third-quarter revenue between $5.65 billion and $6.15 billion. Citi named TI its top analog pick, expecting the company to gain market share through expanded manufacturing capacity. For AMD, Citi pointed to rising capital expenditures from Alphabet and Amazon as evidence of strong hyperscaler AI demand. AMD reports second-quarter results on 4 August.
Texas Instruments halves capital spending as CHIPS cash triples. Texas Instruments cut capital expenditures by half to $1.19 billion in the first six months of 2026 while collecting $1.41 billion of CHIPS Act cash and all but halting buybacks, according to its latest Form 10-Q filing with the SEC. The Market Context in 60 Seconds * 01 Texas Instruments filed its quarterly report on Form 10-Q on Friday, July 24, and the cash flow statement shows capital expenditures of $1.19 billion for the first six months of 2026, down 51% from $2.43 billion in the same period a year earlier. * 02 Over those same six months it recorded a total cash benefit of $1.41 billion related to the CHIPS Act, against $463 million a year earlier. That is $1.10 billion of incentive proceeds plus $301 million of investment tax credits used to reduce income taxes payable. * 03 The federal cash therefore exceeded the capital spending it supports by $215 million, and the effective tax rate for the half was 11%, against a 21% US statutory rate. * 04 Share repurchases nearly stopped, at $185 million for the half against $955 million a year earlier, while dividends absorbed $2.59 billion and the diluted share count rose to 920 million from 912 million. * 05 In June the company opened a $5 billion delayed draw term loan facility to help fund its agreed $7.5 billion all-cash purchase of Silicon Labs, which is where the freed-up capital is now pointed. What the cash flow statement shows. The earnings release on Wednesday led with the income statement, and it was a strong one. Revenue at Texas Instruments reached $5.46 billion in the second quarter, up 22.8% from a year earlier, gross margin widened to 61.4% from 57.9%, and net income rose 52.9% to $1.98 billion, or $2.14 a diluted share. The Form 10-Q, filed two days later, repeats that income statement and then adds the statement of cash flows, which the release does not lead on. Capital expenditures, the money spent on new plant and equipment, came to $1.19 billion for the first half. That is roughly half the $2.43 billion spent in the first half of 2025, and the lowest first half since 2022. It ends three consecutive years at or above $2.3 billion, spent while the company built out its 300mm factories. The line the subsidy crosses. Set against that spending is a line the filing labels plainly. Proceeds from CHIPS Act incentives, the cash payments the company receives under the 2022 federal law that supports semiconductor manufacturing in the United States, were $1.10 billion for the half, against $260 million a year earlier. A further $301 million of investment tax credit was used to reduce income taxes payable, up from $203 million. The filing adds the two and calls the result the total cash benefit related to the CHIPS Act: $1.41 billion, more than three times the $463 million of a year earlier. Put the two figures side by side and the ordering has flipped. In the first half of 2026 the federal cash benefit was $215 million larger than the capital spending it supports. The same filing shows the effective tax rate for the half at 11%, which the company attributes to the effect of US tax benefits, against the 21% federal statutory rate. Cash from operations rose to $4.22 billion from $2.71 billion. Money leaving by a different door. The company describes free cash flow per share as the best metric by which owners can measure its progress, and the 10-Q reports $6.5 billion of free cash flow over the past 12 months. What has changed is where that cash goes. Share repurchases fell to $185 million for the half from $955 million, small enough that the diluted share count rose to 920 million from 912 million rather than shrinking. Dividends, by contrast, took $2.59 billion, up from $2.47 billion. The gap is pointed at an acquisition. The filing confirms the February agreement to buy Silicon Labs for $231.00 a share in cash, an enterprise value of about $7.5 billion, and discloses that in June the company entered a 364-day delayed draw term loan facility for borrowings of up to $5 billion to support that consideration. Nothing was drawn on it at June 30. Acquisition charges of $34 million have already run through the first half. What to watch. 1. Whether the capital spending step-down holds. Two more quarters at the first-half pace would put 2026 well below the roughly $4.8 billion annual run rate of the build-out years, and the second-half figure is the first clean read on whether the 300mm program has moved from construction to operation. 2. The CHIPS Act line itself. The $1.10 billion of incentive proceeds landed in six months against $260 million a year earlier, and because these are milestone-linked payments rather than a recurring subsidy, the comparison in later periods will show whether 2026 was the peak collection year. 3. The Silicon Labs close and the $5 billion facility. Drawing on the term loan would be the first material new borrowing in a balance sheet already carrying long-dated notes, and it would settle whether the buyback pause was a funding decision or a lasting change in how the company returns cash. Verified as of July 26, 2026.
Projection at a crossroads: the 2026 turning point. July 24, 2026 I've spent the last two decades appreciating quality pixels - steadily improving brightness, contrast, and color help maintain my eager anticipation of "what's next?" The recent trend toward larger screen sizes, particularly driven by increasingly affordable LCD TVs, has some asking if projection's days are numbered. My short answer is that projection isn't going anywhere, but rather, the entire large-display market is evolving faster than it has in years. The clearest signal came when Epson, a brand synonymous with three-chip 3LCD projection, recently unveiled its first direct-view LED (DVLED) lineup: the LE-C1 Series in 135-inch and 162-inch all-in-one configurations, with the former available in 1080p and 4K resolutions. When a company known for projection adds an emissive display line, the industry takes notice. But that's not a retreat from projection. If anything, the opposite. Projection is in the middle of one of its most significant innovation cycles in decades. Epson's DVLED Move Matters Direct-view LED places millions of individual red, green, and blue LED chips directly on a surface, increasingly using durable chip-on-board (COB) encapsulation. DVLED avoids many compromises of projection: no ambient light washing out the image, no shadows, and no throw-distance math. DVLED has proven itself in demanding professional settings, including outdoor installations and XR broadcast stages. However, consumer and residential applications remain tougher to crack economically due to manufacturing yields that keep it in premium luxury territory. Trade shows such as InfoComm 2025 and CES 2026 highlighted an expanded range of DVLED products and manufacturers competing for attention. Five-figure options with similar specs are challenging the six-figure DVLED options from a few years ago. Epson's entry with the all-in-one LE-C1 Series, which integrates consumer-friendly video inputs and image processing, brings Epson's scale, manufacturing efficiencies, and broader distribution. This is good news for integrators first and for residential buyers eventually. However, DVLED display specialists like AWALL already have competitively priced near-4K video products on the market with twice the luminance of Epson's offering. Beyond pricing, product reliability and customer support will likely be strong drivers in attracting new owners. Projection Is (Finally) Solving Old Problems Projection manufacturers always look for ways to increase brightness and efficiency. They have also realized the need to address frustrations that have limited projection outside dedicated theaters. Amid the current high-end consumer landscape, JVC's flagship 3-chip D-ILA laser models remain an exercise in pure visual bliss. I recently sat in a room built around JVC's NZ900, projecting onto a 175-inch Stewart StudioTek 130 G4 screen, with a madVR Envy Extreme handling reference-level video processing. In a properly light-controlled room, that combination delivers native contrast and frame-by-frame dynamic HDR tone mapping that's exceptionally difficult to match. That pinnacle still requires a windowless room and a serious budget. The room above, with its full JBL Synthesis surround system, dual SVS subwoofers, and Marantz separates running through a custom-optimized Dirac ART filter, easily reached six figures. Fortunately, that's no longer the only path to exceptional projection. A new generation of consumer flagship projectors leverages advances in RGB laser illumination, DLP silicon, and image processing to deliver dramatic improvements in brightness, color, HDR performance, and gaming responsiveness, all at prices within reach of more enthusiasts. Contrast, Color, and Gaming Catch Up For years, projector dynamic contrast relied on coarse global iris and light-source adjustments, which could produce visible brightness pumping in challenging scenes. The newest generation of consumer laser projectors, both ultra-short-throw (UST) and front-projector designs, offers more refined light control. Hisense's XR10, a standard-throw home theater projector, pairs a six-blade dynamic iris with seven levels of laser modulation. AWOL's Aetherion Max, a UST model, combines a seven-level iris with its Enhanced Black Level (EBL) laser-dimming system. XGIMI's Titan Noir Max, another front-projection design, features a dual-iris system with five manual aperture settings and a continuously variable automatic mode. None of these systems performs true spatial or zone-based dimming like a premium Mini-LED LCD television. Instead, they coordinate a dynamic iris aperture with content-adaptive laser output. The result is more convincing black levels, fewer visible brightness artifacts, and dynamic contrast performance reaching 6,000:1 in some models and up to 10,000:1 on the Titan Noir Max. Laser illumination has matured, too. Discrete RGB triple-laser systems generate independent red, green, and blue primaries rather than filtering a single blue source, covering the demanding BT.2020 color space rather than the narrower DCI-P3. The Hisense PT1 and the brighter PX3-Pro are prime examples of refined RGB laser technology. The NexiGo Aurora Pro MKII pairs a motorized iris with a laser-LED hybrid light source to deliver deep blacks that are especially apparent in a light-controlled environment. That pairing may preview where the light-engine conversation is headed. Appotronics, whose optical platforms power a large share of the industry's laser projectors, has begun marketing laser-LED combinations as complementary rather than competing: lasers contribute brightness and a wide color gamut, while LEDs contribute a wider emission angle with virtually no speckle or color fringing. Blending the two lets manufacturers retain a laser engine's punch while removing its most distracting artifacts. Gaming has caught up, too. Traditional consumer projectors relied on double-buffer architectures that added 16 to 30 milliseconds of input lag. The new Texas Instruments DLPC84-series controller, which drives the XGIMI Horizon 20 Max (the first projector to use TI's new controller) and the AWOL Aetherion Max, replaces that with a rolling, line-by-line buffer that rasterizes pixels almost as fast as the source delivers them. The controller's specs are exactly what's needed for gaming on the latest consoles and PCs: native 1ms input lag, variable refresh rate (VRR), and AMD FreeSync support, with up to 240Hz refresh rates. Examining the Hisense PX4 Pro's published specs, which include 1ms response time and FreeSync VRR, it likely features a controller from the same family, though Hisense hasn't named the chip outright. For gamers used to instant response from a flat panel, projecting a 120-inch image no longer means a performance penalty. Better Engineering, Smarter Processing While the DLPC84-series controller delivers processing and latency improvements, TI's new Single Spring Tip Torsional (SST) micromirror architecture physically reinforces the mirrors. This updated pixel design enables smaller, consumer-grade DMDs (digital micromirror devices) to withstand the intense thermal and optical loads of pure RGB laser engines. By tolerating this extra energy, the chipsets allow compact living room projectors to safely break through the 5,000- to 8,000-lumen barrier without requiring massive industrial-sized chassis or loud cooling fans. Processing has gotten smarter, too. NexiGo's Scene Adapt Engine 2.0, debuting on the upcoming Aurora Pro MKIII, is a machine-learning model trained on tens of thousands of hours of movie footage to predict how a scene's brightness will evolve frame by frame, rather than reacting after the fact. That predictive step enables its Subtitle Optimization feature to prevent bright captions from triggering brightness pumping, which has historically disrupted dynamic dimming in dark scenes. Its companion Virtual Masking feature shifts letterboxed content to the top or bottom of the frame to pair with drop-down or floor-rising ambient light-rejecting (ALR) screens, boosting perceived contrast without a mechanical masking system. Large-Format LCD and OLED: The Middle Ground Flat panels haven't been sitting still either. As I covered in my 2026 Display Tech Preview, CES 2026 brought a wave of large-format LCD and OLED TVs in the 97- to 130-inch range, with significantly better color volume, luminance, and HDR than the category has ever offered. These panels don't match DVLED's bezel-free scale and can't compete with projection on cost for screens larger than roughly 100 inches. But for buyers who want a large, bright, plug-and-play display without the architectural planning of a DVLED wall or the light-control requirements of a projector, these screens are becoming a compelling, lower-complexity option. More Choices, Better Displays Epson's DVLED move isn't a sign that projection has reached the end of its runway. Instead, it's proof that the large-display market has become more diverse than ever. DVLED will continue to gain ground in applications that require robust, high-performance pixels or in locations with zero tolerance for throw distance. Projection keeps closing the gap in contrast, color, gaming latency, brightness, noise, and everyday usability. And large-format LCD/OLED for 100-inch and smaller displays offers a tempting balance of increasingly impressive performance for the price. I see no signs of one display technology completely replacing the other. Its options for large-format displays are increasingly complementary, each excelling in different conditions. AVNation Media, Inc. no longer have to ask which one wins. The question is which one fits the room.
Texas Instruments has raised its dividend by 4% in 2025, marking 22 consecutive years of increases. The world's largest analog semiconductor maker currently offers a 2.9% dividend yield and has boosted its dividend by 273% over the past decade. Despite heavy capital expenditure on a new $30 billion fabrication facility in Sherman Oaks, Texas, which began production in December, the company maintained steady dividend growth. With capital spending set to slow from $5 billion to between $2 billion and $5 billion annually, free cash flow is expected to increase from $2.9 billion in 2025. The company reported $17.7 billion in revenue for 2025, up 13%, whilst earnings per share grew 4.8% to $5.45. Texas Instruments' analog chips serve growing demand in AI data centres, with sales to that sector rising 70% year over year.
Texas Instruments (NasdaqGS:TXN) has completed its US$7.5b acquisition of Silicon Labs, marking a major portfolio and scale change for the analog and embedded processing business. The company has also reduced its 2026 capital expenditure guidance, with management pointing to improved free cash flow and significant cost synergies tied to the integration. These moves represent a new phase for NasdaqGS:TXN, separate from recent product launch news, with implications for its cost base, product...