<SEC-DOCUMENT>0000950103-25-007903.txt : 20250924
<SEC-HEADER>0000950103-25-007903.hdr.sgml : 20250924
<ACCEPTANCE-DATETIME>20250626162533
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-25-007903
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEXAS INSTRUMENTS INC
		CENTRAL INDEX KEY:			0000097476
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				750289970
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 660199
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75266
		BUSINESS PHONE:		9729953773

	MAIL ADDRESS:	
		STREET 1:		12500 TI BLVD
		STREET 2:		PO BOX 660199
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75266
</SEC-HEADER>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Texas Instruments Incorporated</FONT></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: 3.5in">June 26, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Via EDGAR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporate Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Manufacturing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention:&nbsp;&nbsp;SiSi Cheng, Jennifer Thompson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Re:</TD><TD>Texas Instruments Incorporated</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">Form
10-K for the Fiscal Year Ended December 31, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">Form
10-Q for the Fiscal Quarter Ended March 31, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">File
No. 001-03761</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0in">Dear
Ms. Cheng and Ms. Thompson:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On behalf of Texas Instruments Incorporated (the &ldquo;Company&rdquo;
or &ldquo;TI&rdquo;), set forth below is the Company&rsquo;s response to the comments of the Staff (the &ldquo;Staff&rdquo;) of the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) raised in your letter dated May 8, 2025, and received on May 30, 2025, relating to the
Company&rsquo;s Form 10-K for the year ended December 31, 2024, and Form 10-Q for the quarter ended March 31, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Staff&rsquo;s comments set forth in the above-mentioned letter
are reproduced below in italics, followed by the Company&rsquo;s responses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Form 10-Q for the Fiscal Quarter Ended March 31, 2025</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Results of Operations - First Quarter 2025 Compared with First Quarter
2024, page 16</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;&nbsp;<I>We note your effective tax rate declined to 8% in
the first quarter of 2025. We further note that the reason for this decline is not addressed in any detail in your income tax footnote
or in your MD&amp;A analysis of results. Please revise future filings to explain in reasonable detail any significant fluctuations in
your effective tax rate, including whether this resulted from an unusual or infrequent event that would cause reported financial information
not to be necessarily indicative of future operating results.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As stated in the MD&amp;A on page 16 of the Company&rsquo;s Form 10-Q
for the quarter ended March 31, 2025 (the &ldquo;Q1 2025 Form 10-Q&rdquo;), the decline in the Company&rsquo;s provision for income taxes
was primarily due to discrete tax benefits, which is consistent with the change in the effective tax rate for the periods, as presented
in the income tax footnote on page 9 of the Q1 2025 Form 10-Q. The Company will clarify this in future filings, to the extent changes
in the effective tax rate are material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Form 10-K for the Fiscal Year Ended December 31, 2024</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Overview, page 18</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: windowtext">2.&nbsp;&nbsp;</FONT><I>In future filings,
please include a discussion of the economic or industry-wide factors that affect the quality of, and potential variability of, your earnings
and cash flow, so that investors can ascertain the likelihood that past performance is indicative of future performance. For example,
you discussed during your quarterly earnings calls that your company&rsquo;s results were impacted by the industry-wide trend of semiconductor
customers accumulating chip stockpiles during the pandemic to mitigate potential supply chain disruptions, which led to higher volumes
of chip purchases during the pandemic, and the subsequent drawing down of their excess chip inventory led to reduced volumes of chip purchases.
This factor is not discussed in your December 31, 2024 Form 10-K or subsequent March 31, 2025 Form 10-Q. In addition, please <FONT STYLE="color: windowtext">consider
addressing other broad economic or industrywide events or uncertainties as they occur. Refer to Item 303 of Regulation S-K and SEC Release
Nos. 33-6835 and 33-8350.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company notes that its Form 10-K for the year ended December 31,
2024 (the &ldquo;2024 Form 10-K&rdquo;), includes a discussion of the material economic or industry-wide factors that affect the quality
of, and potential variability of, the Company&rsquo;s earnings and cash flow. For example, as stated on page 6 in Item 1 of the 2024 Form
10-K, the Company operates in a market that &ldquo;historically has been characterized by periods of tight supply caused by strengthening
demand and/or insufficient manufacturing capacity, followed by periods of surplus inventory caused by weakening demand and/or excess manufacturing
capacity.&rdquo; In future filings, the Company will include the above market cycle disclosure and other material economic or industry-wide
factors in the MD&amp;A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Results of Operations, page 19</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.&nbsp;&nbsp;<I>We note your analysis of changes in revenue is limited
to indicating that revenue from your Analog segment declined due to the product mix, and revenue from your Embedded Processing segment
and revenue from other operations declined due to lower volume from lower demand. To better achieve the objective of providing sufficient
insight for a reader to see the business through the eyes of management, please revise future filings to provide a more informative analysis
of material changes in your revenue. In doing so, please disclose both the extent to which changes in each of price, volume, and product
mix had a material impact on your consolidated and segment revenue and disclose </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>management&rsquo;s insight into the reasons underlying those material
changes in price, volume, and product mix. Refer to Item 303 of Regulation S-K and SEC Release Nos. 33-6835 and 33-8350.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As required by Item 303(b) of Regulation S-K, the Company describes
in the MD&amp;A the extent to which material changes in revenue from period-to-period are attributable to price, volume or amount of goods
sold, or new products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the 2024 Form 10-K, the Company provided an analysis of the material
factors that impacted revenue on a consolidated and segment basis in order of magnitude and relative impact of each factor. On page 18,
the Company stated that when discussing results, &ldquo;unless otherwise noted, changes in our revenue are attributable to changes in
customer demand, which are evidenced by fluctuations in shipment volumes.&rdquo; In addition, on page 18, the Company noted that &ldquo;from
time to time, our revenue and gross profit are affected by changes in demand for higher-priced or lower-priced products, which we refer
to as changes in the &ldquo;mix&rdquo; of products shipped&rdquo; and that &ldquo;new products do not tend to have a significant impact
on our revenue in any given period because we sell such a large number of products.&rdquo; As discussed on page 19, consolidated revenue
decreased &ldquo;due to lower revenue from Analog and Embedded Processing.&rdquo; On a segment basis, the Company stated, on page 20,
that &ldquo;Analog revenue decreased due to the mix of products shipped in both product lines, led by Signal Chain,&rdquo; and &ldquo;Embedded
Processing revenue decreased.&rdquo; If information beyond these factors is material to an assessment of the Company&rsquo;s financial
condition and results of operations, the Company will include it in future filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: windowtext">4.&nbsp;&nbsp;</FONT><I>We note your
analysis of the segment profit measure used by the CODM, Operating Profit, on both a consolidated and segment basis and have the following
comments:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Where you indicate that multiple factors contributed to
a material change in your results, including but not limited to your analysis of operating profit, please revise future filings to quantify
the impact of each material factor identified.</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Additionally, please revise future filings to provide
a more detailed analysis of material changes in your operating profit and, if appropriate, a separate detailed analysis of changes in
revenue, cost of revenue, and operating expenses for each of your Analog and Embedded Processing segments and other operations.</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company conveys the magnitude and relative impact of each material
factor identified on both a consolidated and segment basis from period-to-period in accordance with Item 303(b) of Regulation S-K, in
order to enhance a reader&rsquo;s understanding of certain line items from the results of operations. For example, on page 19 in the Company&rsquo;s
2024 Form 10-K, the Company noted that &ldquo;gross profit of $9.09 billion was down $1.93 billion, or 17.5%, primarily due to lower revenue
and, to a lesser extent, higher manufacturing costs associated with our planned capacity expansions.&rdquo; The Company quantified on
page 19 that &ldquo;revenue of $15.64 billon decreased $1.88 billion or 10.7%, due to lower revenue from Analog and Embedded Processing.&rdquo;
On page 28, the Company quantified in the Consolidated Statements of Cash Flows the amount of $1.5 billion for depreciation costs, which
is described in the MD&amp;A as manufacturing costs associated with the Company&rsquo;s planned capacity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">expansions. The description of these factors, in conjunction with the
financial statements, appropriately assists a reader in understanding a variance between the two periods. With respect to changes in operating
profit, the Company assessed the relative impact in Analog by describing that the change was primarily due to lower revenue and higher
manufacturing costs, and in Embedded Processing by describing that the change was primarily due to lower revenue and associated gross
profit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s future filings will include in the MD&amp;A a quantitative
and qualitative description of material changes in results on a consolidated or segment basis, as appropriate. Further, the Company will
provide more information on material changes in operating profit on a consolidated basis and, if appropriate, on a segment basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: windowtext">5.&nbsp;&nbsp;</FONT><I>Please revise
future filings to include matters that had or are reasonably likely to have a material impact on the relationship between costs and revenues.
For example, you mention during your year-end earnings calls that your Embedded Processing segment is disproportionately impacted by fixed
manufacturing costs from your LFAB facility, contributing to a significantly larger decline in its 2024 operating profit margin as compared
to your Analog segment. In addition, constructing or expanding fabrication facilities may impact your fixed costs in 2025 and could impact
the relative allocation of costs between your segments. Refer to Item 303 of Regulation S-K and SEC Release Nos. 33-6835 and 33-8350.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the 2024 Form 10-K, the Company disclosed the following matters
that had or are reasonably likely to have a material impact on the relationship between costs and revenues:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;We continue to invest to strengthen our competitive
advantage in manufacturing and technology as part of our long-term capacity plan to meet demand over time.&rdquo; (pg. 6)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;As we continue to invest to strengthen our competitive
advantages in manufacturing and technology, as part of our long-term capacity planning, our capital expenditures are expected to remain
at elevated levels.&rdquo; (pg. 21)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;Because we own much of our manufacturing capacity,
a significant portion of our operating cost is fixed.&nbsp;When factory loadings decrease, our fixed costs are spread over reduced output
and, absent other circumstances, our profit margins decrease. Conversely, as factory loadings increase, our fixed costs are spread over
increased output and, absent other circumstances, our profit margins increase.&rdquo; (pg. 19)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;Gross profit of $9.09 billion was down $1.93 billion,
or 17.5%, primarily due to lower revenue and, to a lesser extent, higher manufacturing costs associated with our planned capacity expansions.&rdquo;&nbsp;(pg.
19)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;Operating profit decreased primarily due to lower
revenue and higher manufacturing costs.&rdquo; (Analog segment, pg. 20)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;Capital expenditures were $4.82&nbsp;billion compared
with $5.07 billion in 2023 and were primarily for semiconductor manufacturing equipment and facilities in both periods.&rdquo; (pg. 20)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s future filings will include a discussion of matters
that had or are reasonably likely to have a material impact on the relationship between costs and revenues. In accordance with SEC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">guidance, the Company will continue to consider its communications
and will include in its filings information that is material and is required in, or would promote understanding of, the MD&amp;A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: windowtext"><U>Financial</U></FONT><U> Condition,
page 20</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.&nbsp;&nbsp;<I>We note your inventory increased during each of 2023
and 2024, despite the fact that your sales volume declined in each of those two years. While you currently identify the increase in the
dollar amount and days of inventory in 2024, please revise future filings to provide additional insight into the reasons underlying this
increase. In doing so, please consider disclosing the strategic decision to bring production of your chips in-house, the gearing up of
your LFAB facility, and that bringing production of your chips in-house and building up your inventory will better position you to meet
the anticipated increase in demand in the next semiconductor cycle upturn. These items were mentioned during your quarterly earnings calls.
Refer to Item 303 of Regulation S-K and SEC Release Nos. 33-6835 and 33-8350.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company disclosed in its 2024 Form 10-K the underlying reasons
for the increase in inventory. As stated on page 7 in Item 1 of the 2024 Form 10-K, the Company&rsquo;s strategy is to &ldquo;build ahead
of demand our broad-based products that are used across a diverse set of applications and customers and have low risk of obsolescence.
Inventory levels will vary based on market conditions and seasonality,&rdquo; including the semiconductor cycle, which is characterized
by the building and depleting of inventories. The Company&rsquo;s future filings will provide in the MD&amp;A additional insight, when
material, into the reasons underlying an increase in inventory and the Company&rsquo;s inventory strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Note 2 - Basis of presentation and significant accounting policies
and practices, page 32</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7.&nbsp;&nbsp;<I>Please revise future filings to disclose information
about recently issued accounting standards you have not yet adopted, including:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><I>A brief description of the new standard, the date that adoption is required and the date that you plan to adopt, if earlier;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><I>A discussion of the methods of adoption allowed by the standard and the method that you expect to use; and</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><I>A discussion of the impact that adoption of the standard is expected to have on the financial statements or that the effect is
not known or reasonably estimable.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Refer to SAB 74 (Topic 11M).</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company discloses information about recently issued accounting
standards that have not yet been adopted that are reasonably likely to have a material impact on the Company&rsquo;s financial position
and results of operations in accordance with the requirements of SAB 74 (Topic 11M). The Company will expand its disclosures as requested
in future filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have any questions or require additional information, please
call Julie Knecht of Texas Instruments at 214-567-7456.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="width: 35%">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Rafael Lizardi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Rafael Lizardi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Senior Vice President and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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