Texas Instruments

Components and weights: Switching costs 35% (score 85). TI’s parts are designed into systems for many years and often tied to customer software on TI microcontrollers; redesign costs, requalification, and field risk make swapping difficult. Product lifecycles typically run 10 to 15 years, reinforcing stickiness. Cost advantage 35% (score 90).

TI leads 300mm analog wafer manufacturing, with cost per chip about 40% lower than 200mm. Internal sourcing is expanding toward ~95% by 2030 and GaN internal manufacturing capacity has been scaled, further strengthening structural cost economics. Efficient scale 20% (score 80).

Analog is fragmented and characterized by many niches with limited addressable capacity per product, where a broad, low-cost incumbent benefits from scale and long duration assets. Intangibles 7% (score 80).

Strong brand, deep field application support, and TI.com direct channel serving 100,000-plus customers with fast fulfillment add soft power to retention. Network effects 3% (score 20). Minimal classic network effects. Weighted moat score results in the low-to-mid 80s and is durable given captive 300mm fabs, U.S. siting, and long product lives.

Risks: analog commoditization in select categories, overbuild or underutilization pressure on margins during downturns, and geopolitical or tariff frictions given 19% revenue exposure to China.