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Texas Instruments Incorporated (NASDAQ:TXN ) Capital Management Off-Cycle Call August 20, 2024 11:00 AM ET Company Participants Dave Pahl - Head of IR Haviv Ilan - CEO Rafael Lizardi - CFO Conference Call Participants Timothy Arcuri - UBS Vivek Arya - Bank of America Securities Ross Seymore - Deutsche Bank Stacy Rasgon - Bernstein Research Joshua Buchalter - TD Cowen William Stein - Truist Chris Caso - Wolfe Research Tore Svanberg - Stifel Tom O'Malley - Barclays Chris Danely - Citibank Joe Moore - Morgan Stanley CJ Muse - Cantor Fitzgerald Dave Pahl Good morning, and welcome to the Texas Instruments August 2024 Capital Management Call. I'm Dave Pahl, Head of Investor Relations, and I'm joined by Haviv Ilan, our Chief Executive Officer; and Rafael Lizardi, our Chief Financial Officer.

WEST PALM BEACH, Fla. , Aug. 20, 2024 /PRNewswire/ -- Elliott Investment Management L.P.

Texas Instruments (TXN) struck a preliminary agreement with the U.S. Department of Commerce giving the semiconductor maker up to $1.6 billion in federal grants for three chip factories under construction. However, analysts' questions about future spending helped send shares lower in intraday trading Friday.

The US government said Friday it has signed a preliminary agreement with semiconductor manufacturer Texas Instruments to give the company up to $1.6 billion to help fund new facilities in the country.

Texas Instruments (NASDAQ:TXN) (TI) has secured up to $4.6 billion in grants and loans from the US government for the construction of three new semiconductor manufacturing facilities in Texas and Utah. The company said in a statement on Friday it has signed a preliminary agreement to receive up to $1.6 billion under the CHIPS and Science Act, which provides financial incentives to US firms advancing semiconductor research and production.

Texas Instruments Inc. said Friday it has signed a preliminary agreement with the U.S. Department of Commerce for up to $1.6 billion in funding through the CHIPS and Science Act to support three 300mm semiconductor-wafer-manufacturing plants currently being built in Texas and Utah.

Texas Instruments will receive $1.6 billion in Chips Act grants and $3 billion in loans, the Biden administration announced Friday. The funding will help pay for one factory in Utah and two in Texas.

Texas Instruments has signed a preliminary agreement with the U.S. Department of Commerce to receive up to $1.6 billion in proposed direct funding under the CHIPS and Science Act, it said on Friday.

NEWS HIGHLIGHTS: The U.S. Department of Commerce has proposed up to $1.6 billion for TI in direct funding through the CHIPS and Science Act to support three 300mm semiconductor wafer fabs under construction in Texas and Utah. TI expects to receive an estimated $6 billion to $8 billion from the U.S. Department of Treasury's Investment Tax Credit for qualified U.S. manufacturing investments.