Is Texas Instruments (NASDAQ: TXN) one of the overlooked opportunities in the semiconductor and AI boom?

In this episode of OrderPad, Felicity takes a closer look at Texas Instruments one of the world’s largest analog semiconductor companies and why the next phase of the semiconductor cycle could be particularly interesting for investors.

While Nvidia and the major AI chipmakers dominate the headlines, Texas Instruments operates deeper within the semiconductor ecosystem, providing analog and embedded-processing technology used across AI data centres, industrial automation, automotive, power management and thousands of electronic applications.

We unpack the improving semiconductor cycle, TI’s significant investment in 300mm manufacturing capacity and why moderating capital expenditure could potentially drive a major free-cash-flow inflection.

Felicity also explores the recent UBS investment thesis on Texas Instruments, including its US$380 price target and expectations for stronger earnings and free cash flow as the analog cycle recovers.

But there’s also a fascinating Australian connection: Weebit Nano (ASX: WBT).

Texas Instruments has licensed Weebit Nano’s ReRAM non-volatile memory technology for integration into TI process technologies for embedded-processing applications.

Importantly, TI has not yet completed qualification of Weebit’s technology. Technology transfer is progressing, with the potential commercial pathway being:

Licence → Technology Transfer → Qualification → Product Tape-Out → Production → Royalties

We also discuss the latest developments at Weebit Nano, including its broader customer pipeline, successful customer tape-outs, functional silicon, its relationship with onsemi and what investors should watch as WBT works towards production royalties.

In this episode: Texas Instruments and the analog semiconductor recovery; AI and data-centre demand; TI’s manufacturing and free-cash-flow opportunity; the UBS US$380 price target; Weebit Nano and ReRAM; the TXN/WBT relationship; and the key catalysts and risks ahead.

Tickers discussed: NASDAQ: TXN | ASX: WBT

The information in this episode is general information only and does not take into account your personal objectives, financial situation or needs. It is not personal financial advice or a recommendation to buy, sell or hold any security. Please conduct your own research and consider seeking professional financial advice before making an investment decision.

Views expressed by Felicity are her personal views based on publicly available information, third-party research and her own research. This content is not Shaw and Partners research and has not been prepared, reviewed or approved by Shaw and Partners. Nothing in this episode should be taken as representing the research, recommendations or views of Shaw and Partners.

Any third-party forecasts, valuations or price targets discussed, including UBS research, represent the views of those third parties and are not Felicity’s own forecasts. Investing involves risk and past performance is not a reliable indicator of future performance. Recorded 22nd September 2026 with all facts known at the time of recording.

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