Texas Instruments Inc at Bernstein Strategic Decisions Conference Transcript
Good morning, almost afternoon, everyone. Thanks for coming. I'm Stacy Rasgon. I'm Bernstein's senior research analyst covering US semiconductors and semi capital equipment. And it's my honor to welcome our guest here today, Haviv Ilan, the President and CEO of Texas Instruments.
Before I start, I want to mention if you have questions you'd like to have asked during the presentation, you should have a link to the Pigeonhole form. I think there's a QR code that you can scan. You can submit your questions there. We'll have time for Q&A at the end.
So Texas Instruments, TI. It used to be that they were sort of the boring semiconductor company. They're kind of proud of it. I think it's been a little less boring lately, both for TI as well as for the space overall. But TI over the last four or five years has embarked on a program of significant capacity expansion that at least temporarily sideline cash flow and return, and this is for a company who sort of pioneered the whole idea of 100% free cash flow return.
But they
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