BAMCO, Inc. on Texas Instruments Incorporated

Baron sees Texas Instruments as the leading analog and embedded semiconductor company despite the current cyclical downturn. The company is seeing early signs of improvement in markets where inventory corrections began earlier, including personal electronics and parts of industrial demand. Its portfolio of more than 80000 products gives TI broad exposure across end markets and the ability to capture market share. Four new fabrication plants should provide substantial capacity when the semiconductor cycle recovers. Baron believes CHIPS Act support and the strategic importance of U.S.-based manufacturing strengthen the long-term opportunity.