DALLAS (dpa-AFX) - Elliott Investment Management L.P. Tuesday revealed that
it has sent a letter to the Board of Texas Instruments Inc. (TXN) requesting to
adopt a dynamic capacity-management strategy and introduce a free cash flow per
share target of $9.00+ in 2026. The proposed level represents -40% above current
investor expectations.

Elliot Investments revealed that it has an investment of more than $2.5 billion
in Texas Instruments.

The letter, on behalf of Elliott Associates, L.P. and Elliott International,
L.P., said the investors are concerned that TI appears to have deviated from its
longstanding commitment to drive growth of free cash flow per share. 'The
shareholders have been left with limited visibility or guidance from TI about
when free cash flow per share will return to its historical trend line
Critically, TI appears to be building capacity far over expected demand, with
targeted revenue capacity of $30 billion in 2026. This level represents 50%
excess capacity above consensus revenue expectations.'



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