Texas Instruments (TXN) Goldman Sachs Communacopia + Technology Conference summary

Leadership and strategic priorities

• CEO Haviv has taken a more visible role in earnings and capital management calls, responding to investor feedback and enhancing leadership presence.

• Key priorities include capital investments in manufacturing, R&D, and maintaining inventory to support demand across timeframes.

• Focus remains on long-term growth in both revenue and free cash flow per share.

Market cycles and demand trends

• Recent industry cycle was marked by asynchronous behavior across end markets and geographies, with personal electronics rebounding and industrial/auto sectors mixed.

• China showed sequential revenue growth for the first time in seven quarters, though year-over-year figures remain down.

• Inventory levels are still being normalized, with some end markets like personal electronics recovering faster than others.

Automotive and industrial growth drivers

• Automotive applications such as body electronics, lighting, and ADAS are growing at about 20% per year, with electrification in both EVs and hybrids providing further opportunities.

• Automotive revenue has grown in the mid-teens over the past decade, with expectations to outperform SAR and GDP growth over the next five to ten years.

• Industrial growth is driven by automation, robotics, and energy infrastructure upgrades, presenting multi-decade opportunities.