Texas Instruments Inc at Sanford C Bernstein Strategic Decisions Conference Transcript
Good morning, and thank you for coming. I'm Stacy Rasgon, I cover U.S. semiconductors here at Bernstein and I can't express what an honor it is to have our guest here today. Once again, I think this is the 10th, probably. Rich Templeton, the Chairman, President and CEO of Texas Instruments.
So as many in the room probably know, like the multiyear trend -- almost multi-decade transition story that has been TI has been -- is reaping tremendous benefits. They were one of the first to sort of recognize the futility of trying to compete in the wireless markets. Those exits, while painful at the time, actually freed up investments to grow some of the much more attractive businesses that are now making up the bulk of the portfolio today.
Their 300-millimeter strategy which they are now extending was originally looked at with astonishment, resulted in significantly lower CapEx levels, substantially higher free cash flow generation, they're doubling down on that again today. Gross margins have been on an
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