{
  "docId": "019dd923-622b-71dc-a6d9-87c368bbaffd",
  "docSlug": "80066eff9a0b",
  "documentTitle": "Texas Instruments (TXN)",
  "authorId": "02_Elliott_Management",
  "authorName": "Jesse Cohn",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-05-28 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 4,
  "pageCount": 13,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "competitive_analysis",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide combines a competitive manufacturing capacity chart with a critical narrative regarding shareholder underperformance.",
  "elementsJson": [
    "paragraph",
    "bar_chart_grouped",
    "headline_text"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-87c368bbaffd/4",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-87c368bbaffd",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-87c368bbaffd.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-87c368bbaffd#slide-4",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Yet these benefits have not accrued to TI's shareholders.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14d8-75c0-8c7b-7179365c73d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.7,
        "x": 0.15,
        "y": 0.35
      },
      "kind": "chart",
      "text": "300-mm Analog / Mixed Signal Manufacturing Capacity (2023)",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63a13229-6e8f-41d2-85fd-4b3fcd66dd1c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "manufacturing capacity: 85%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14d8-75c0-8c7b-7657203d1a5a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.1,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "One of the most distinguishing attributes of TI's strategy is its commitment to manufacturing as a core competitive advantage...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4286ff87-ef1b-44ee-a349-d4dc4865f844",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.1,
        "y": 0.75
      },
      "kind": "paragraph",
      "text": "TI has positioned itself as one of the best semiconductor companies in the world... Yet these benefits have not accrued to TI's shareholders.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82fad282-9c09-46eb-9c48-fcc53086e2ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.15,
        "y": 0.65
      },
      "kind": "source-note",
      "text": "Source: Consultant analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8217fb01-0c07-4949-9afa-9dab08a88c97",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.1,
        "y": 0.7
      },
      "kind": "title",
      "text": "Texas Instruments Has Underperformed for its Investors",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "216a9fbd-7553-4cce-aaf5-0f0a1d87afbd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "competitive_analysis",
      "slug": null,
      "matchId": "540d709c-7343-4398-9726-32293f68f08e",
      "evidence": "Comparison of TI vs #2 Player capacity",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 6,
      "from": 3,
      "beatId": "9bef1476-fb21-4cdf-a0ae-dcbdee8e0c4c",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The document highlights TI's underperformance and potential issues with capacity buildout",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}