Texas Instruments: surprisingly good 1Q25, good 2Q guidance. End-markets are back to YoY growth.

But concerns that there could be re-stocking ahead of US import tariffs

• Demand for Auto & Industrial Semis was weak in 2024, Semi inventories remain high. But TXN beats 1Q guidance handsomely, 2Q is above expectations. TXN is back to YoY growth.

• Critically, the Industrial market is recovering rapidly, Auto is back to modest growth. Management has some concerns that there could be re-stocking ahead of US import tariffs

• Consensus is too low but the stock is not cheap, has deflated from bubble levels but still not cheap.