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Speaker 1: Well after the closing bell, Texas Instruments gave a bullish

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Speaker 1: forecast for the current quarter. Joining us to discuss this

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Speaker 1: is Ian King, Bloomberg News US semiconductor reporter. Ian it

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Speaker 1: wasn't much not to like in the in the earnings

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Speaker 1: report they had, it was pretty solid against all expectations

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Speaker 1: I think from many people. And then the forecast was good.

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Speaker 1: But I'm sure you're looking more closely at this. What's

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Speaker 1: the real story? Yeah, I mean the real story is

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Speaker 1: do you remember three months ago they kind of brought

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Speaker 1: expectation expectations down pretty hard, and everybody was like, oh,

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Speaker 1: these guys are the sort of hobbinges of doom. And

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Speaker 1: you know, typically semi conductors and particularly Broad Bay semi

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Speaker 1: conductor make us like Texan Instruments there among the first

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Speaker 1: to sort of point to a recession or a made

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Speaker 1: to fall off in demand if it's coming. Um. You know,

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Speaker 1: fast forward three months and they said, basically, look what

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Speaker 1: we said was true, which is this was more a

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Speaker 1: short term supply disruption because of China and COVID and

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Speaker 1: things are kind of okay apart from you know, personal electronics,

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Speaker 1: which pretty much everybody knows about because of the way

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Speaker 1: the economy is trending. Well, Ian does this bode well

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Speaker 1: then for the other big chip makers that report later

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Speaker 1: this week, Qualcom and Intel or different story. Well, I

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Speaker 1: mean it's a it's really a case of perspective. I mean,

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Speaker 1: you look at what the semi you know, the Philadelphia

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Speaker 1: Semi Tour Index has done this year. It's down. Chip

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Speaker 1: stocks have already been hammered, you know, investors are already

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Speaker 1: voted on this. So actually turns out that the innings

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Speaker 1: on that, but that the sort of declines aren't as

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Speaker 1: precipitous as perhaps people had expected. So we've gone from

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Speaker 1: you know, high expectations to very very low expectations now

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Speaker 1: to kind of moderate expectations, which looks like these companies

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Speaker 1: are probably going to be I suppose it depends on

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Speaker 1: you know, the company and whether or not it's it's

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Speaker 1: really it's product is more in consumer electronics and smartphones,

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Speaker 1: which may dumble a bit. But if you like, for instance,

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Speaker 1: if you're producing like we saw an XP yesterday for

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Speaker 1: the auto market, that part's holding up pretty well. What

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Speaker 1: about some of the other high end areas that Texas

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Speaker 1: Instruments covers. Yeah, I mean they are also an auto story,

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Speaker 1: and their auto division was in the quarter that they reported.

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Speaker 1: They also talked about industrial so chips that go into

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Speaker 1: basically industrial equipment, into buildings, all of these kind of things.

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Speaker 1: And there's these trends that we told you about. The

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Speaker 1: trends of digitalization of everything are still in place. People

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Speaker 1: are still ordering and building that kind of equipment. So

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Speaker 1: you know that in general is it tends to be

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Speaker 1: a good sign for the economy because of how broad

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Speaker 1: based they are. So you know, the takeaway was, well,

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Speaker 1: if there is a recession coming, it's not happening this quarter.

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Speaker 1: And you know, we interviewed their CFO and that's what

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Speaker 1: he said. He said, I'm not ruling it out, but

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Speaker 1: you know, not in the here and now kind of thing.

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Speaker 1: And how much of this, Oh, go ahead, Bryan, I

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Speaker 1: was gonna I was gonna say goodbye to Ian as

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Speaker 1: the time is ticking, Steve, but there is so much

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Speaker 1: to talk about. We hope to speak with Ian some

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Speaker 1: more on some of the other earnings. Um Ian King,

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Speaker 1: Bloomberg News US Semiconductor Reporter