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Texas Instruments says orders growing strongly quarter to date, building backlog

On Texas Instruments' Q1 mid-quarter update, management said the stronger demand environment that it discussed in January has continued through the quarter, and overall is tracking better than their initial expectations. They witnessed this in their revenue trends, and even more so in orders, as they are now building backlog for the first time in several quarters. They said quarter to date, orders have been growing strongly and turn levels have been high. They noted that visibility remains low, but they have no reason to believe that the strength they have seen thus far will not continue going forward. The strength was most notable in the industrial market, but on the flipside, they see continued weakness in some of the vertical markets such as notebook computers and communications infrastructure. Wireless revenue was expected to decline sharply in the quarter. Their sense was that customers are still running pretty lean on the inventory front. Overall, they said they are delivering well, reflecting more in demand as opposed to inventory build.