Texas Instruments designs and manufactures analog and embedded processing semiconductors, selling chips to over 100,000 electronics manufacturers worldwide. Analog chips (~79% of revenue) manage power and convert real-world signals into digital data, while embedded processing chips (~15% of revenue) act as the "brains" in electronic equipment. TI sells over 80,000 products, competing primarily on portfolio breadth, availability, and cost rather than on any single high-profile product. Industrial and automotive each represent roughly a third of revenue, with personal electronics at ~21% and data center at ~9% — a fast-growing segment that expanded ~64% YoY in FY25. TI sells direct to customers in over 80% of cases, maintaining consignment inventory at customer sites and short lead times as competitive tools. TI owns most of its manufacturing, and its shift to 300mm wafers is central to its cost structure — chips produced on 300mm wafers cost roughly 40% less than on 200mm wafers. TI has been in an elevated CapEx cycle building new 300mm fabs in Sherman, TX and Lehi, UT, with CapEx expected to step down in FY26 as these facilities ramp utilization. TI has received up to $1.6B in direct CHIPS Act funding and a 35% Investment Tax Credit on eligible domestic CapEx. TI's stated goal is to maximize long-term free cash flow per share, returning essentially all free cash flow to shareholders via dividends and buybacks, with 22 consecutive years of dividend increases.