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  "documentTitle": "Texas Instruments (TXN)",
  "authorId": "02_Elliott_Management",
  "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 historical performance data and forward-looking capacity analysis to question management's capital allocation strategy.",
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      "text": "The key question is not whether TI has a thoughtful long-term strategy but rather: Is the fixed magnitude and pace of its capacity buildout appropriate given the expected level of excess capacity?",
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      "text": "2026E and 2030E Revenue vs Planned Revenue Capacity",
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      "text": "Historical FCF per share 2006-2024E",
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      "text": "Free Cash Flow per Share: $1.83",
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      "text": "Elevated capex is not inherently negative... The key question is not whether TI has a thoughtful long-term strategy but rather: Is the fixed magnitude and pace of its capacity buildout appropriate given the expected level of excess capacity?",
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      "kind": "source-note",
      "text": "Source: S&P Capital IQ, Visible Alpha, Texas Instruments investor materials",
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      "kind": "title",
      "text": "Annual Free Cash Flow per Share Since 2006",
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