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      "text": "we are proposing that TI adopt a dynamic capacity-management strategy and introduce a free cash flow per share target of $9.00+ in 2026, representing a level that is ~40% above current investor expectations.",
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      "text": "We believe this commitment to capital discipline will restore investors' confidence... The balance of this letter lays out our thinking in greater detail and outlines a framework for collaboration toward this end.",
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      "text": "Fortunately, we believe there is a path forward... we are proposing that TI adopt a dynamic capacity-management strategy and introduce a free cash flow per share target of $9.00+ in 2026, representing a level that is ~40% above current investor expectations.",
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      "text": "Founded in 1977, Elliott is an investment firm that today manages approximately $65.5 billion of capital... Elliott's approach to its investments is distinguished by intensive due diligence...",
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      "text": "stock generated a ~440% total return, outperforming the S&P 500 by ~200% and analog semiconductor peers by ~135% during the period.",
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      "text": "However, since announcing the substantial ramp in capacity in 2022, TI's free cash flow per share... has declined by more than 75%. ...TI appears to be building capacity far in excess of 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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      "text": "“the best measure to judge a company’s performance,” — Texas Instruments (referring to free cash flow per share)",
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