$ASML Holding NV(ASML)$ FCF/share since FY19FY24 YoYFCF/share +174%Dividend/share +5% Dividend payout: ~27% of FCF (down from 71% last year)Buybacks $0.5 B (5% of FCF)ImageASML Cash Flow improvement was mostly from from Changes in assets and liabilities.Last year the company was extending payment terms to customers reducing operating cash flow (see snapshot from FY23 annual report), FY24 likely the reverseImageASML dividends as paid Meanwhile the company has announced:February interim dividend at €1.52 (payable 19Feb)May final dividend proposed at €1.84 (+5% vs FY23)ImageASML net bookingsMarket was excited about 4Q bookings but FY24 is the lowest year since FY20 Image

$Texas Instruments(TXN)$ goes ex-dividend JAN31, and current yield is 2.9%. ImageTXN FY24 Cash FlowOperating Cash flow -2%Capex -5%Free Cash Flow +11%Second year in a row not covering dividendsImageFCF/share +11% YoY for FY24Driven by Capex reductionImageTXN presentation from last year - FCF/share and Capex impactCapex "scalability" as of 2026 - spent Revenue dependentImageTXN 4Q at high end of guidance4Q YoYRevenue -2% (-3% QoQ)Net income -12%Dil. EPS -13%FY24OCF -2%FCF +11% (lower Capex)1Q’25 guidanceRevenue $3.91B at mid point -2% QoQ ; -+7% YoY

" $Intel(INTC)$ contract manufacturing business has suffered a setback after tests with chipmaker $Broadcom(AVGO)$ [...], dealing a blow to the company's [Intel] turnaround efforts"AVGO incentive. 90% of FY23 wafers were fabbed by $Taiwan Semiconductor Manufacturing(TSM)$ A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoTSM produced 90% of AVGO wafer in FY22 and FY23Increasing trend over the years (see tweet)Broadcom would have a meaningful incentive to reduce this concentration risk. Cost and security of supply via geopolitical risk among others ImageAV