Analog and mixed-signal chips
Texas Instruments (TI) has started production of analog chips at its Sherman site, and its later fabs are still planned. That adds to US supply, with the rest of the investment programme still to come. Its effect on competition depends on ramp-up utilisation, product qualification and demand, and the 2029 industry structure is not guaranteed.
Research snapshot · updated Nov 12, 2026
TI's $60B 300mm fab build-out resets US analog capacity through 2029
Texas Instruments is investing $60B+ across seven new 300mm semiconductor fabs in the US: Sherman SM1 (production from 2025), Sherman SM2, Lehi (production from 2026), and additional Lehi + Sherman + Richardson facilities through 2029. CHIPS and Science Act direct funding is $1.6B, with an additional $6-8B in Investment Tax Credit. The shift from 200mm to 300mm wafers cuts analog unit costs roughly 30% and significantly expands US-sovereign analog capacity. This is the largest single capacity reset in the global analog market in two decades - and crucially it is on the analog node (28-130nm) where most semiconductor manufacturing investment has otherwise gone to leading-edge digital (TSMC 2nm, Intel 18A, Samsung GAA). The competitive read: TI consolidates its share lead over ADI, ST, and Infineon through 2030 by virtue of the lower unit cost on the new 300mm capacity; smaller analog companies face structural margin pressure as TI prices its 300mm output into the market.
State of the art (2026)
The analog and mixed-signal market sits at roughly $85-99B in 2026, about a tenth of total semiconductor revenue, and remains a five-incumbent oligopoly: Texas Instruments, Analog Devices, STMicroelectronics, Infineon and NXP hold close to half of it. TI's FY2025 revenue reached $17.7B (+13%), led by its $14B analog segment, as the 2023-24 cyclical trough cleared. Three structural shifts now matter most: TI's $60B+ seven-fab US 300mm build-out cutting unit cost; wide-bandgap power (SiC, GaN), where Wolfspeed exited a 91-day Chapter 11 in September 2025 alongside onsemi, Infineon, ST and ROHM; and NVIDIA's 800V HVDC rack architecture, arriving at scale with Kyber/Vera Rubin in 2027, opening a new high-volume PMIC application.
AI data-centre 800V rack-scale power-management IC is the new high-volume application
AI server racks are migrating to 800V DC distribution architectures (vs the 48V standard of the last decade) to reduce power-conversion losses and copper requirements as rack power densities exceed 100kW. The transition opens a structurally new high-volume application for power-management ICs (PMICs): voltage regulators, multi-phase controllers, digital-power controllers, and isolated gate drivers - all in unit volumes that scale with global AI data-centre capacity. TI, ADI, Monolithic Power Systems (MPS), Vicor, Renesas, and Infineon all compete in this segment. MPS has been the breakout pure-play with hyperscaler design wins; TI and ADI have the broader portfolios. The structural question for 2026-2028 is whether MPS-style focused executors continue to gain share, or whether the incumbents' scale and broader sockets reabsorb the design wins as AI server power architectures mature.
Explore the deeper analysis in CanaryIQ
Explore what is covered below. These previews show the structure; log in to read the full analysis.
Signal stack
Evidence stacked leading → lagging
9 signals
Signal stack
Evidence stacked leading → lagging
Technology-native KPIs
Metrics that predict trajectory, tracked over time
3 tracked
Technology-native KPIs
Metrics that predict trajectory, tracked over time
Landscape map
Who builds what, and who depends on whom
143 players · 6 layers
Landscape map
Who builds what, and who depends on whom
Catalyst calendar
Dated events that will move the position
8 ahead
Catalyst calendar
Dated events that will move the position
Technology roadmap
Milestones on the path to maturity
8 milestones
Technology roadmap
Milestones on the path to maturity
Watchlists
Companies, people and papers, each with a condition for removing it
20 · 2
Watchlists
Companies, people and papers, each with a condition for removing it
Decision frameworks
What our view means for your job
Locked
Decision frameworks
What our view means for your job
Thesis changelog
When our view changed, and why
9 updates
Thesis changelog
When our view changed, and why
Change our mind
6 disconfirming conditions
You've read the verdict. The file is much deeper.
The full signal stack, technology-native KPIs tracked over time, the landscape of who depends on whom, the dated catalyst calendar, decision frameworks for every desk, live watchlists and a record of every time our view on Analog and mixed-signal chips has changed. All of it is in CanaryIQ.