Texas Instruments Incorporated

“Texas Instruments is a structurally exceptional analog semiconductor franchise — dominant market share, irreplicable 300mm manufacturing cost advantage, and a management team with a 20-year track record of disciplined capital allocation — but the current $276B valuation prices in a near-perfect multi-year recovery with no discount for China revenue risk or execution timing, leaving a likely 10-year total return of 1.5–2x that is adequate but uncompelling relative to available alternatives. The business deserves a place on every long-term investor's watchlist; it does not deserve capital at today's price.”