Texas Instruments Incorporated (TXN)

Texas Instruments (TXN) is not a new name. Founded in 1930 and headquartered in Dallas, Texas, it is one of the world's largest makers of analog semiconductors. But don't mistake this for a static legacy business. Over the past 12-18 months, TXN has been writing a new chapter: an analog recovery pulled along by AI data center demand, the largest domestic US manufacturing bet in company history (over USD60 billion), and its biggest M&A deal since 2011.

📈 The analog recovery story: After several soft quarters caused by industry-wide semiconductor inventory overhang, TXN's analog demand has bounced back, helped by AI data centers requiring heavy power-management and analog content. Automotive is also solid, particularly in China. But this is not a broad-based recovery — the Industrial segment (automation and energy infrastructure) is still soft. Think of this as an uneven recovery, not a synchronized one.

The Embedded Processing segment deserves attention — its operating margin has nearly tripled year over year. That's a sign of operating leverage kicking in as sales volume recovers.

Leadership

Haviv Ilan has led TXN as President and CEO since 2023, and was appointed Chairman of the board in early 2026, succeeding Rich Templeton, who retired at the end of 2025. The leadership transition has been smooth with no strategic disruption — Ilan continues TXN's long-standing philosophy of investing in in-house manufacturing capacity through the cycle, a hallmark of the company's culture for over a decade.

Shariah Compliance Status

✅ SHARIAH COMPLIANT per the US stock reference list. TXN's core business — designing and manufacturing analog and embedded semiconductors — is a halal activity with no material riba, gambling, or haram-product concerns.

Key Corporate Actions

• Silicon Labs (SLAB) acquisition: Announced February 4, 2026 — an all-cash USD7.5 billion deal (USD231/share, a 69% premium to the unaffected price). Expected to close H1 2027. This is TXN's largest deal since National Semiconductor (USD6.5 billion, 2011).
• USD60 billion+ US manufacturing investment: Seven new fabs across Texas and Utah, with a pledge to create 60,000 jobs. Timeline is demand-dependent.

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