Texas Instruments

Texas Instruments is the world's largest analog semiconductor company — a category so fundamental and unglamorous that most technology users have no idea TI chips are inside almost every electronic device they own, from dishwashers to medical imaging equipment to industrial robots. With $17B in annual revenue and over 80,000 unique analog chip products, TI's portfolio is essentially impossible to replicate. Its long-cycle manufacturing investments in 300mm analog fabs (a 20-year bet that competitors haven't matched) give it a structural cost advantage of 40%+ over peers. The company has returned $100B+ to shareholders via dividends and buybacks over the past decade, making it one of the most capital-efficient businesses in tech.