Sales were down by 11%, operating profit by 23% and free cash flow by 90% compared to the first quarter of the previous year.

In particular, cash generation was impacted by significant restocking - hence the negative effect on working capital - and an unusually high investment program in fixed assets. A return to this level is expected in the next quarter.

Texas Instruments is building on a resilient and privileged competitive position in a now largely consolidated semiconductor industry. It is the global leader in analog ICs, with one-fifth of the market share and scale that insulates it from new entrants.

It also sells its products to an extremely diverse portfolio of customers, with less reliance on consumer electronics and two-thirds of its sales to industry - notably automotive.

The group is known for the quality of its management, its abundant cash generation and its excellent financial position, with no net debt. All these characteristics set it apart from the rest of the sector.

We will follow with interest the next quarterly results publications. Given all these qualities, at nearly x30 cash earnings, Texas Instruments remains the best-valued semiconductor manufacturer.