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  "documentTitle": "Texas Instruments (TXN)",
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  "authorName": "Jesse Cohn",
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  "presentationDate": "2024-05-28 00:00:00",
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  "notes": "The slide uses a combination of a performance table and a bar chart to illustrate the correlation between increased capex and declining shareholder returns.",
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      "text": "While there are multiple contributing factors to TI’s underperformance, we believe the most significant has been the dramatic increase in capital investment announced in 2022, which has led to a fundamental deviation from TI’s long-held commitment to driving growth in free cash flow per share.",
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      "text": "The impact on free cash flow has been stunning, especially for a company that has conditioned its shareholders to focus on free cash flow per share as its “best metric” for judging performance.",
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      "text": "Capex Spend & Capex % of Revenue ($ in billions)",
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