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From digital cellular phones to handheld computers not much bigger than a stack of playing cards, digital technology has created an unprecedented explosion of new products that allow consumers to communicate with one another as well as integrate the numerous products they use in their daily lives. This increase in integration along with the increased speed of communication has created the “global” economy in which most business must operate to remain competitive. “Hardly a day goes by that we do not encounter products that are enabled by DSP technology. From consumer electronics including cell phones, toys, TV’s DVD, answering machines, to military, scientific, medical and infrastructure applications. DSP’s are showing up everywhere.”(Frantz, 2000) Let us take a look at one company that is heavily involved in the Internet Era. Texas Instruments Incorporated is a global semiconductor company and the world’s leading designer and supplier of digital signal processing and analog technologies. Headquartered in Dallas, Texas, the company’s businesses also include materials and controls and educational and productivity solutions. The company has manufacturing or sales operations in 27 countries. (TI Annual Report, 1999) Texas Instruments has become the world’s leader in real-time technologies that help people communicate. Texas Instruments has also developed a revolutionary digital light processor technology that combines more than a million tiny mirrors on a dime-sized surface to create an ultra-sharp display for use in televisions, PCs, and movie theaters. (Moody’s, 2000) Texas Instruments is the world’s leading manufacturer of digital signal processors having acquired nearly half the world’s market. These digital signal processors are one of the vital components in digital electronics such as digital cellular phones, camcorders, VCR’s, modems and even automobiles. The company is also the world’s leading maker of analog chips. (Hoovers, 2000) These DSP’s and analog chips are considered to be the semiconductors of the Internet age. This company has set a corporate vision to “become a premier electronics company providing world leadership in digital solutions for the networked society”. TI plans to accomplish corporate goals by producing products and technologies that set the company and their customers apart from the competition, by competing in high-growth markets and by providing consistently good financial performance. (Texas Instruments Homepage, 2000) Texas Instruments Inc. is divided into three divisions. The first of these is the semiconductor business. This division accounts for 84% of 1999 revenues. The next largest division is the Materials & Controls division, which accounts for 11% of revenues. This business sells electrical and electronic controls, connectors and sensors into commercial and industrial markets. The third and smallest division is the Educational & Productivity Solutions division that represents 5% of revenues. This division is a leading supplier of education and graphing calculators selling primarily through retailers and to educational institutions. (Standard & Poor’s, March 2000) Combined these divisions employ over 38,000 people. Competing in numerous markets brings about a large number of strong competitors. These competitors include AMD, Analog Devices, Atmel, Broadcom, Canon, Casio Computer, Conexant Systems, DSP Group, Fairchild Semiconductor, Genesis Microchip, Hitachi, IBM, Infineon Technologies, Integrated Device Technology, Intel, LSI Logic, Lucent, Maxim Integrated Products, Motorola, Nam Tai, National Semiconductor, NEC, Sharp, STMicroelectronics and Toshiba. 1930 Clarence “Doc” Karcher and Eugene McDermott founded Geophysical Service Inc in Newark, New Jersey, to develop reflective seismology, a new technology for oil and gas exploration. 1934 GSI moved to Dallas, TX. The company produced military electronics during WW II. 1951 GSI changes name to Texas Instruments. 1952 TI begins making transistors after buying license from Western Electric. 1954 TI creates first pocket-sized transistor radio.TI creates the first commercial silicon transistor. 1957 TI becomes major supplier to IBM.TI opens first foreign operation in the United Kingdom. 1958 TI engineer Jack Kilby and Bob Noyce invent the integrated circuit.TI engineers invent terrain-following airborne radar. 1967 TI engineers invent first handheld calculators. 1970’s TI introduces home computers, educational toys, digital watches and innovative calculators. 1971 TI engineers assist in development of single-chip microcomputer. 1983 TI suffers its first financial loss. 1988 TI sells remaining oil and gas operations to Halliburton. 1995 TI sells its line of educational toys to Tiger Electronics. 1996 TI sells custom manufacturing business to Solectron.TI acquires Silicon Systems (chips for mass storage devices). 1997 TI sells notebook computer business to Acer.TI sells defense electronics operation to Raytheon.TI sells enterprise applications software to Sterling Software. 1998 TI buys Amati Communications, GO DSP, Spectron Microsystems.TI sells memory chip operations to Micron Technology.TI lays off 3500 employees. 1999 TI acquires Telogy Networks, ATL Research, Power Trends, Unitrode, Integrated Sensor Solutions, Libit Signal Processing, Butterfly VLSI.TI signs 10-year cross-licensing agreement with Hyundai Electronics worth $1 billion. Texas Instruments is pursuing growth with related diversification as its grand strategy. TI plans to obtain their goals by using diversification as well as concentration. The company raised its target for annual operating profit margin to 25 percent for the year 2000 recently. The company expects sales of the DSP and analog chips to continue to grow faster than the overall market. Since 1996, TI’s market value has grown by a factor of 10. (Wall Street Journal, March 3, 2000) Current CEO T.J. Engibous set forth to refocus the corporation in 1996. Engibous initiated the sell of the custom manufacturing business, the notebook computer business, the defense electronics business as well as the software business. During the past two years, TI has been on a buying spree, acquiring more than fifteen other companies. These acquisitions have been horizontal in nature focusing on companies that have the ability to help TI strengthen its position in the semiconductor market. TI is expanding its knowledge base of next-generation broadband network technologies through these acquisitions. TI is also acquiring companies that have developed new technologies such as Voice Over Packaging which allows service providers to offer bundled packages of voice, video and data services over a single broadband line. (TI Annual Report, 1999) TI plans on diversifying into emerging end equipment markets and accelerating DSP applications. Texas Instruments has spent the last several years working to identify new opportunities in the semiconductor industry. The company’s goal has been to build the technical expertise needed to succeed in these attractive new markets. A semiconductor factory in Japan was recently sold to Seiko Epson Corporation. The factory, located in Hatogaya, Japan, had been scheduled to be closed by the end of 2000. The 30-year old plant no longer fit into TI’s overall expansion plan according to Yoko Koizumi, a TI spokeswoman. (Bloomberg Newswire, June 1, 2000) The sale of this plant demonstrates th company’s commitment to upgrading its semiconductor business to the standards needed to produce the new technological products for the Internet Era. In 1999, Texas instruments showed a one-year revenue growth of 11.9 percent during 1999. During the same year, TI showed an amazing 245.5 percent growth in net income and raised total revenue by 18 percent. (Hoovers, 2000) The Semiconductor business increased by 21 percent, faster than the 19 percent overall market growth. The Materials & Controls division’s revenues grew by 7 percent, strengthening its position in the market for pressure sensors. The Educational & Productivity solutions division showed improved revenues with a growth of 6 percent. Operating margins were also improved in the latter two divisions. (TI Annual Report, 1999) Pro forma gross margin increased to 48.3 percent for the company during 1999 and pro forma profit from operations nearly doubled. During the past year, a record level overall operating margin of 20.3 percent was achieved with record operating margins being obtained by each business segment. Earnings per share increased by 97 percent while gaining market share in the core areas of DSP and analog. TI also made numerous key acquisitions in broadband, catalog analog and wireless markets. (TI Annual Report, 1999) Texas Instruments is definitely a prospecting company. They seek growth by watching for opportunities and innovations and developing new ideas and technologies. TI spent over $1.3 billion since late 1997 in acquiring Amati Communications, Libit Signal Processing and Telogy Networks in order to obtain market-leading expertise in broadband network technology. TI plans to use this expertise to expand the use of its DSP and analog chips. By acquiring this knowledge and increasing investment in new product development, TI has successfully added hundreds of new, differentiated semiconductor chips during the last several years. Texas Instruments believes that communications is the new driver of the electronics industry. Digital wireless phones and high-speed network access are just the beginning of opportunities for TI’s DSP and analog chips. TI technology is the driving force behind tomorrow’s digital wireless phones. These third generation wireless systems will not only allow users to make phone calls, they will also allow users to surf the Internet, check e-mail, receive faxes and video and play digital music. TI’s development of programmable chips will allow for virtually unlimited application of wireless technology by third-party developers. Voice Over Packet technology is another area in which Texas Instruments has acquired a industry-leading positioning. By acquiring Telogy, TI placed itself on the forefront of the DSL services. DSL vendors are able to offer voice, video and data services over one broadband line. By taking advantage of technology and strategic investments, TI has 80 percent of the market in VoP gateways with four out of five DSL vendors using TI DSP’s and 90 percent of cable modem manufacturers using TI DSP’s for voice over cable. (TI Annual Report, 2000) Texas Instruments has also developed breakthrough technology in the software industry with expressDSP Software Technology. By creating this new set of software and programming rules, TI has allowed for its customers to speed up their product development by simplifying the process of writing software code for the programmable DSP chips that TI provides. Recent increases in capital expenditures have increased manufacturing capacity in order to focus on the core areas of DSP and analog chips. Expansion in manufacturing facilities in Dallas is planned for the upcoming year in order to meet the demands for technological upgrades and increased product demand. Research and development spending will also be increased. (TI Homepage, 2000) Texas Instruments’ progress during the last several years has positioned the company as the leader in the semiconductor industry. The strategic investments, acquisitions and commitment to developing new technologies have caused TI to emerge as the semiconductor industry’s top performer in the new millennium. “In order to keep growing at or beyond the ‘fast forward’ pace we set in 1999, we know that we will have to continue to innovate and continue to deliver on our commitments,” says CEO Thomas J. Engibous. (TI Annual Report, 2000) Texas Instruments’ corporate level strategy is dominant business. The company has three major divisions; semiconductor, materials and controls, and educational and productivity solutions. The dominant business is the semiconductor business that accounts for nearly 84% of sales. The materials and controls division makes up 11% of sales. The educational and productivity solutions division makes up 5 % of sales. (Standard & Poors, March 2000) Total revenue for Texas Instruments is comprised of sales from the three business divisions, corporate activities consisting of short-term investments and royalties, and divested activities including historical operating results and assets of memory, mobile computing and software which have all been sold off. Total revenue over the last three years is shown below: As these figures show, the dominant business of Texas Instruments is the semiconductor business. However, both of the smaller divisions have shown growth in revenue and profit margins over the last two years, making them important to the overall success of the corporation. Texas Instruments’ business level strategy is the differentiation strategy. By producing products that are unique and different from their competitors, Texas Instruments is able to maintain it’s competitive advantages in all markets. Technological advances are made very rapidly in today’s global world and TI strives to maintain its position as a leader in these advances. TI strives for excellence in everything they do by producing products and technologies that make them and their customers sustainable different from the competition. (TI Home Page, 2000) The semiconductor business differentiates its products by continuing to design and develop smaller, faster and higher performance products. TI’s technology allows for real-time processing performance at very low levels of power dissipation. This kind of performance allows for power supplies to become smaller and last longer than ever before. Today’s digital wireless phones are small enough to carry anywhere and can last for as long as a week on a single battery charge. (TI Annual Report, 2000) The new DSP chips produced by TI also differentiate themselves by being programmable. This allows for virtually any manufacturer to write their own software code while using the same high quality chip as their competition. This in turn allow for TI’s customers to differentiate their products as well. This programmability also allows for TI’s chips to integrate with products that are still to be developed. This allows network carriers to “future-proof” their networks and to reconfigure them on demand, eliminating the high costs of rebuilding the networks. (TI Annual Report, 2000) Texas Instruments semiconductor business showed strong growth in 1999. TI’s semiconductor revenues increased by 21 percent during 1999, compared to worldwide growth of only 19 percent. In the DSP area, TI revenues outpaced the market rate of 25 percent by achieving a 28 percent growth in 1999. TI has increased its market share in DSP sales to near 50 percent of the worldwide market. TI DSP’s are found in over 60 percent of the digital wireless phones that are currently manufactured. TI’s DSP market share equals that of the three nearest competitors combined. In the analog market, TI grew 17 percent by introducing a record number of new catalog products and by acquiring Unitrode and Power Trends, two chipmakers who are leaders in power management. (TI Annual Report, 1999) TI’s catalog sales of combined analog and digital products to mass markets increased by 37 percent. (Source: http://www.ti.com/corp/docs/investor/speeches/bofa2000/index.shtml) Texas Instruments has strengthened its semiconductor business through acquisitions and increased investments in technology and research and development. By becoming a market leader in the development of new technologies as well as the use of these technologies, TI has become one of the driving forces behind the digital communications era marketplace. “Just imagine: A marketplace where not only every wireless phone call is touched by a DSP, but also every phone call. Every Internet connection. Every photograph. Every song and movie. Every page printed on the desktop. Every appliance in the home. It can happen, thanks to the speed and versatility of today’s DSP and analog chips.” (TI Annual Report, 2000) And TI plans on being not only the driving force behind such a marketplace, but also the leader in market share of the components used to supply such a marketplace. Texas Instruments second largest business accounts for 11 percent of total sales and utilizes an integrated low-cost differentiated business strategy. The Materials & Controls division consists primarily of electrical and electronic control devices, electronic connectors and clad metals. These products are sold mainly to original-equipment manufacturers and through distributors. (Hoovers, 2000) This division of the company is able to utilize technological developments from the semiconductor business to differentiate its products in as well. The controls and connectors are often developed during research for new semiconductors. TI has expanded its sales in the automotive market by acquiring Sensor Solutions in 1999. Pressure sensors used in the manufacturing of automobiles were the main product of this company and TI technologies helped to improve the performance of these sensors. TI was also able to increase the operating margin within the materials & controls division during 1999 by improving manufacturing efficiency. This has also allowed TI to keep their costs competitive with other companies. This division of TI has also been able to utilize the DSP’s from the semiconductor business to create and develop new digital controls to be used in automobiles and other electrical systems. By using the digital chips to enhance their control systems, TI has effectively utilized investments in technology, R&D and acquisitions to enhance this division as well as the dominant business division. In able to compete in the automotive vendor market, TI had to quickly and effectively meet QS-9000 requirements. This involved developing and maintaining an auditable record of every procedure performed on over 2000 gauges monitored by the company. By utilizing digital technology in portable Kalidor pen computers, TI was able to develop a auditable, paperless calibration data recording and storage system that meets QS-9000 requirements without additional staff or increased cost. This digital technology was developed from some of TI’s own research and developments. (Quality, Jan. 1999) Educational & Productivity Solutions Texas Instruments utilizes a focused differentiated strategy for their smallest division. This business division of Texas Instruments may be the smallest of the divisions, but it may be the most well known to consumers. Texas Instruments was the first company to produce the handheld calculator back in 1967. Since that time, TI has been the leader in innovations in the calculator industry. Texas Instruments is the most widely used and recognized brand of calculator in the United States. TI has maintained relationships with retailers and educational institutions in order to continue to be the leader in educational and graphing calculators. TI calculators are used by 90 percent of high school and college students who use calculators. TI focuses on students and educational institutions for sale of the products of this division. By utilizing advances in technology and improving operating margin by 5.2 percent, TI was able to raise revenues in this division by 6 percent during 1999.(Hoovers, 2000) The calculators manufactured by TI are differentiated by the number of features available on the calculators and by TI usually being the first to develop new features on calculators. TI also differentiates this product line by offering a large number of different models that cover a very broad range of uses and prices. Once again, TI is able to utilize advances in technology from its semiconductor business to enhance the other divisions within the company. Texas Instruments utilizes a transnational strategy in international markets. By maintaining global efficiency, TI is able to ensure the high quality of its products. In the semiconductor industry, the DSP and analog chips are very standardized. Local responsiveness is necessary in a few products produced by TI, but most are standardized products. The built-in programmability allows for the chips to be produced in the same way throughout the world. Most of the controls and materials are produced the same way throughout the world but some may require local responsiveness and adaptation. Automobile manufacturers in different countries may require some adaptation of the controls for example. Electrical components also differ from country to country. This low demand for local responsiveness makes it easier for TI to maintain global efficiency and consistency for its core business. A sustainable competitive advantage is achieved when firms implement a value creating strategy that is grounded in their own unique resources, capabilities, and core competencies. Collectively, these are known as a company’s internal strengths. Every company must determine its own strengths and utilize these strengths to gain a competitive advantage. Texas Instruments has numerous strengths within their industry. One of Texas Instruments strengths is their ability to create and develop new products as well as new uses for these products. TI is the world’s leader in semiconductor developments. TI not only creates new products, they also help develop new uses for these products. Texas Instruments has been able to “exploit innovative technology and unique capabilities to shape their local environment and maintain their competitiveness”.(Afuah, Winter 1999) TI components have been selected by Toshiba Corporation to power the new Mobile Audio Player, which is the first to offer a Secure Digital memory card that will store copyrighted material. “TI’s programmable DSP’s allow manufacturers to update features and functions with a simple software download, rather than by upgrading internal hardware.”(PRNewswire Tokyo, May 30, 2000) Another strength is TI’s market share. TI is the market leader in its dominant business of semiconductors with nearly 50% of the market share. This large amount of market share allows for TI to invest more heavily into product development and R&D than its competitors. This also allows for TI to become more closely involved with its customers and to develop the products they need. For example, “TI has shipped 300 million general–purpose and custom C5000 ™ DSP’s since 1997 and secured a total of $3 billion in new design-ins for its general purpose product during the same period.”(PRNewswire Houston, May 26, 2000) TI was also able to ship its one millionth TMS320C5402 ™ DSP after only nine months of production. According to Kevin Spoor, portfolio manager of Northern Technology fund, “They’re (TI) continually developing new products and working with their customers. That’s a tough stranglehold to break”. (Boitano, 2000) Another strength of Texas Instruments is the ability of the company to purchase other leading technological companies. In the last several years, TI has acquired more than 12 companies, each with their own special knowledge in areas concerning TI’s main product, semiconductors. TI has been able to select those companies that had existing products or knowledge that would help create a greater demand for TI’s existing products or that would enable TI to develop new products. This has allowed TI to take full advantage of the new digital era marketplace and put itself in a position to emerge as the driving force behind the digital revolution. A company’s internal weaknesses are often difficult to see during times of growth and prosperity. As the industry leader, TI has experienced tremendous growth in market share and sales. This type of growth often makes it difficult to spot weaknesses within a corporation. During periods of growth in sales and profits, everything appears to be fine. It is during times like these that top executives must be able to look deep enough to find the problem areas that may lead to destructive situations. Texas Instruments has focused most of its R & D and expenditures on the semiconductor business. This may eventually pose a problem for TI. By focusing on one product line, TI may be setting itself up for trouble in the future. If the semiconductor industry is replaced by new or better technology, then TI could be headed for disaster. The current situation shows continued growth in this industry, but as we have all witnessed in the high-tech industry, technology changes very rapidly. The recent acquisitions made by Texas Instruments seemed to have strengthened the competitive position of the company. However, the possibility of over-diversification must be considered. By stretching financial assets as well as managerial assets among such a large number of “new” areas, TI may be setting itself up for failure. It is very difficult to maintain focus on core competencies when making such a large number of acquisitions. TI must also consider the fate of its other two businesses, Materials & Controls and Education & Productivity. While these two divisions make up only a small part of the revenues of the company, they both are leaders in their respective industries. By focusing on semiconductors, TI may be ignoring possible increased revenues in the other two markets that it serves. By investing more into these other markets, TI could balance its business base among different markets and possibly avoid a disastrous situation. The opportunities facing Texas Instruments are practically limitless. As the global market becomes more integrated and the digital revolution continues to progress, Texas Instruments market possibilities will grow. As more and more products are developed that will require digital technology and analog integration with the outside world, the demand for high quality DSP’s will increase. As the industry leader in market share as well as innovation, TI is faced with possibilities that will allow for them to remain in the number one position for some time to come. Xybernaut and TI recently announced plans to develop the Mobile Assistant, which will be the first wearable computer, designed to benefit from DSP real-time applications such as speech recognition and wireless communications. “This collaboration opens the entire Internet marketplace for mobile computing solutions based on TI’s and Xybernaut’s technology and patents,” says Jay Yass, Xybernaut’s VP of business development. (PRNewswire, Fairfax, 2000) Texas Instruments has also announced that the world leading provider of digital subscriber line equipment, Alcatel, will utilize TI DSP’s and Telogy software to power the new generation of voice over digital subscriber line modems. (PRNewswire, Dallas 2000) This new technology allows multiple voice calls along with data transmission on a single copper phone line. TI recently acquired Telogy in order to expand its market share in the voice over industry. This announcement is the first step in TI recognizing yet another golden opportunity and taking advantage of it. Texas Instruments has also developed the new DLP technology. This technology uses switches containing millions of tiny mirrors to create a high resolution, full color image and project it. TI recently announced a joint effort with IMAX to develop, manufacture and market projectors based on this new DLP technology. This new technology will allow for higher quality images to be projected in theaters and significant reductions in the cost of producing and distributing films. (PRNewswire, Dallas 2000) Top management often overlooks external threats when companies are performing well. Most of the threats facing Texas Instruments come from competitors. Tessera is currently filing lawsuits against Texas Instruments for utilizing Tessera technology and failing to pay for such uses. Tessera claims that TI is taking advantage of “intellectual property” and including this knowledge in manufacturing their DSP’s and other electronics. On two separate occasions, Texas Instruments purchased the rights to use Tessera technology in its products and stipulated that TI pay royalties on any sales of items containing the technology. This lawsuit is currently in litigation. Other competitors are moving quick to imitate TI’s products and technology and to develop new and better products of their own. Motorola and Lucent are among the closest competitors to TI. The expected increase in demand for DSP’s will cause other companies to set strategies that focus on obtaining some of TI’s market share. This increased competition may drive down the profits of TI and may lead to smaller market shares as well. Current CEO Thomas J. Engibous is a very busy man. He rises at 4am every morning and sets off for a full day of meetings, speeches and seminars. While Engibous is one of the most traveled CEO’s in America, he is also one of the most underpaid. Compared to other CEO’s in similar companies with similar earnings, Engibous makes about 41 percent below the market average salary. (Crystal, 2000) This high stress, low-pay lifestyle must pose the question as to how long Engibous will be willing, or able, to continue as CEO of Texas Instruments. One other threat is that of governmental threat. There is no mention of this as of yet, but with the recent developments at Microsoft, one must consider the possibility of government intervention if TI continues to dominate the market for DSP’s. TI currently controls over 50% of the market for DSP’s and their market share continues to grow. Surely the government wouldn’t interfere in a corporation controlling over 50% of the world’s market for DSP’s, would they??? Microsoft didn’t think so, do you??? Having thoroughly examined Texas Instruments, their goals and their strategies, I would make the following recommendations: 1. Diversify the risks. Expand the Educational/Productivity and the Materials/Controls divisions. These businesses could increase their contribution to revenue if given the attention and resources to do so. 2. Acquire only those companies that contribute a significant competitive advantage. Companies can be acquired, but their employees can’t always be kept around. If the employee’s leave, so does the knowledge. 3. Focus the semiconductor business heavily on the needs for the upcoming Chinese markets. Now that trade negotiations are open with China, there will be a massive telecommunications market opportunity in that country. 4. Consider more vertical integration. Try to acquire more companies that utilize the TI technologies and take advantage of the strong demand in the digital markets. I believe that these strategies will allow for TI to become a more stable company and to strengthen its core competencies for the future. These strategies also lessen the risk involved with a dominant business firm. Texas Instruments has developed into a very strong company. TI has become the major player in the semiconductor industry and continues to strengthen its dominance in the market. There are currently no competitors within reach of TI’s market share or revenues in the industry. I believe that TI will continue to grow and strengthen its market share during the “digital revolution” and that TI has a very bright future. Diversification of risks is essential and keeping a close eye on the government is crucial to the continued success of Texas Instruments. “Fast-forward into the future” will continue to work well as long as TI maintains an anchor in the present. Bibliography: References Afuah, Allan (1999). Strategies to turn adversity into profits, Sloan Management Review, 40(2): Winter 1999, pp. 99-109. Boitano, Margaret (2000). Burn, baby, burn. Three stocks heat up, Fortune: 14(6), March 20, 2000, pp. 254-255. Crystal, Graef (2000). Thomas Engibous, Texas Monthly, March 2000, p. 3. Frantz, Gene and Rabadi, Wissam (2000). The digital revolution, Texas Instruments Technical Journal, January-March 2000, pp. 1-2. Hoover’s (2000). Texas Instruments Company Profile. AVAILABLE: www.hoovers.com/premium/profile/2/0,2147,11462,00.html Moody’s (1999). Texas Instruments Inc., Moody’s Industrial Manual, Vol. 2, 1999, p. 6774-6776. PRNewswire, Houston (2000). TI Ships One Million of its Most Popular DSP in Record Time, PRNewswire, Houston, May 26, 2000, p. 1. PRNewswire, Tokyo (2000). Toshiba Selects Texas Instruments Industry-Leading Programmable DSP For New Mobile Audio Player, PRNewswire, Tokyo, May 30, 2000, p. 1. PRNewswire, Fairfax (2000). Xybernaut and Texas Instruments to Develop and Market Solutions for Mobile Computing, PRNewswire, Fairfax, VA, May 15, 2000, p. 1-2. PRNewswire, Dallas (2000). TI Programmable DSPs and Telogy Software Selected by Alcatel For SpeedTouch VoDSL Product Line, PRNewswire, Dallas, TX, May 22, 2000, p. 1-2. Ramstad, Evan. (Mar 3, 2000). TI Raises Profit-Margin Target to 25%. Wall Street Journal, March 3, 2000, p B4. Standard & Poor’s (2000). Texas Instruments Inc., Standard & Poor’s Standard Corporation Descriptions, Volume 2, March 2000, pp 267-269. Texas Instruments Annual Report (2000). Texas Instruments Annual Report for the Year Ended December 31, 1999. Texas Instruments Homepage (2000). AVAILABLE: www.ti.com ValueLine (2000). Texas Instruments Inc, The ValueLine Investment Survey, Edition 7, April 21, 2000, p 1077. Word Count: 4922
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