Not really a surprise that TXN was not a double digit dividend increase

TXN $Texas Instruments(TXN)$ with a 5% dividend increase from $1.24 per share to $1.30 /share/quarter

TXN Cash flow Not really a surprise that it was not a double digit dividend increase


TXN Capex will be a burden on FCF and the ability to keep delivering double digit dividend growth

Capex: 1Q run rate ~$4 B

TTM $3.3 B

TXN Capex and the previously announced target of 90% internal assembly by 2030 2023-2026 Capex run rate expected at $5 B


Investment into the future may be, It’s typically cyclical

But it’s clear there is demand and continues to rise. (automotive as example putting a lot more chips than just a few years ago)

The other part of Capex is the conversion to 300 mm wafers in the Frontend to improve margin/cost.


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