Texas Instruments Earnings Announcement: Why Industrial Semiconductors Are Strong

텍사스 인스트루먼트 실적 발표...산업용 반도체 강한 이유는?
Watch on YouTube ↗  |  January 28, 2026 at 01:54  |  22:07  |  Chesley Investment Advisory (체슬리투자자문)
Speakers
Choi Ho — Vice President
Park Se-ik — CEO, ex-Chief Strategist
Moon Ji-ho — Executive

Summary

The transcript reviews earnings from Texas Instruments and Seagate, highlighting industrial semiconductor recovery, data-center demand, and tight HDD supply. It also discusses Google's YouTube data advantage, the M7 rebound, upcoming mega-cap earnings, and a weaker dollar's positive implications for the Korean market. The main implication is that AI infrastructure demand remains strong across analog semis and storage.

  • Texas Instruments beat Q1 guidance on industrial and data-center demand, with EPS estimates likely to rise.
  • Seagate reported strong earnings and guided above consensus, citing structural HDD demand and tight supply.
  • Seagate and Western Digital's HDD duopoly could keep pricing and earnings momentum strong.
  • Google is framed as an AI/data winner due to YouTube's proprietary data and ad pricing power.
  • M7 performance was mixed, with Google outperforming while Tesla, Broadcom, and Apple lagged year-to-date.
  • Upcoming Microsoft, Tesla, and Meta earnings are seen as key for sustaining AI momentum.
  • The dollar index broke below 96, which the speaker views as positive for Korean equities.
  • January performance and stock picking were highlighted as important for identifying leadership.
Ideas
Choi Ho Vice President 0:10
Texas Instruments guidance beats on industrial recovery
Texas Instruments' Q4 results were roughly in line, but Q1 guidance came in above consensus with revenue midpoint of $4.4–4.7bn and EPS $1.20–1.44, prompting after-hours gains. Management said industrial semiconductor recovery continues, data center grew for a seventh straight quarter, order backlog is rising, auto semiconductor content per vehicle is increasing, and memory price hikes have not hurt demand. With EPS estimates likely revised upward and forward P/E around 30.9x, the stock is supported by improving industrial/data-center analog demand.
TXN HIGH
Choi Ho Vice President 0:24
Seagate benefits from structural HDD demand
Seagate's FQ2 results beat consensus with revenue $2.8bn (+22% YoY), gross margin 42.2%, adjusted operating margin 31.9%, and adjusted EPS up 53.2%. Management guided FQ3 revenue $2.8–3.0bn and EPS $3.2–3.4, above consensus, and said data center HDD demand is structurally strong, not a one-off cycle. High-capacity 3HAM is certified by all major cloud customers, long-term contracts extend through 2027 with 2028 discussions underway, and incremental revenue above $2.6bn can carry ~50% gross margin. With tight supply and improving mix, EPS momentum and ~26x P/E look justified.
STX HIGH
Choi Ho Vice President 11:24
HDD duopoly benefits from tight supply
The HDD market is effectively a Seagate–Western Digital duopoly, and AI-driven data growth is tightening supply for high-capacity cold-storage drives. Because capacity and pricing are rising while the two suppliers control the market, their earnings can keep growing sequentially and year-over-year.
WDC MED
Park Se-ik CEO, ex-Chief Strategist 18:56
YouTube data moat makes Google a leader
Google's YouTube is becoming a massive proprietary data and attention moat. As users spend more time on YouTube, ad pricing should rise; Gemini's ability to leverage YouTube video data gives Google an AI advantage over rivals like ChatGPT. This 'data is money' dynamic could allow Google to become the market-cap leader, similar to Apple after 2012.
GOOGL MED
Park Se-ik CEO, ex-Chief Strategist 21:10
Weak dollar supports Korean market momentum
The U.S. dollar index broke below 96 to 95.9, a pattern similar to the 2017–18 transition, which has historically been positive for Korean equities. The speaker expects this to sustain positive momentum for the Korean market.
EWY MED
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This Chesley Investment Advisory (체슬리투자자문) video, published January 28, 2026, features Choi Ho, Park Se-ik discussing TXN, STX, WDC, GOOGL, EWY. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Choi Ho, Park Se-ik  · Tickers: TXN, STX, WDC, GOOGL, EWY