Texas Instruments Shares Fall 6% as Weak Outlook Points to Extended Chip Market Slowdown

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Texas Instruments (TXN.O) shares dropped 6% on Wednesday after the chipmaker issued a disappointing forecast for the fourth quarter, warning of a prolonged slump in the analog semiconductor market. The bleak outlook has fueled fears that the chip industry’s long-awaited rebound could take longer than expected amid tariff uncertainty and sluggish industrial demand.

TI projected fourth-quarter revenue of $4.4 billion and earnings per share of $1.26, both falling short of analyst expectations. The company’s gross profit margin also slipped by 50 basis points from the previous quarter. Analysts say customers remain cautious about new capital spending, taking a “wait-and-see” approach as global trade and tariff rules remain unclear.

The company’s struggles highlight how geopolitical tensions and U.S. trade policies under President Donald Trump’s administration are weighing on the semiconductor industry. Though TI has reduced some of its exposure to tariffs through trade deals, the potential for new 100% semiconductor import duties has rattled confidence, even as domestic manufacturers are offered exemptions.

Brokerage firm Jefferies said it expects the rest of the Analog group to experience similar softness, while Charter Equity Research noted that weak customer demand and excess inventory could suppress margins for several more quarters.

Shares of other analog chipmakers, including On Semiconductor (ON.O), NXP Semiconductors (NXPI.O), and Analog Devices (ADI.O), also fell between 2% and 3% following the report. At least 16 brokerages cut their price targets for TI after the announcement, with the company poised to lose around $10 billion in market value if declines persist.

Despite a $60 billion investment plan to expand U.S. manufacturing, TI’s near-term outlook remains clouded by macroeconomic uncertainty and weaker industrial spending. Its stock has fallen 4% this year, trading at a 12-month forward P/E ratio of 29.05, above Analog Devices’ 26.24 — a sign investors remain cautious on its valuation amid the slowdown.

UN Cybercrime Pact to Be Signed in Hanoi Sparks Both Hope and Human Rights Concerns

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A landmark United Nations cybercrime treaty, designed to strengthen global cooperation against online offences costing the world economy trillions of dollars each year, is set to be signed this weekend in Hanoi, marking a major step in international cybersecurity governance — but also igniting deep concerns about human rights risks.

The UN convention, which will take effect once 40 nations ratify it, aims to accelerate cross-border responses to crimes such as ransomware, phishing, and online trafficking. However, human rights groups, major technology firms, and even the UN High Commissioner for Human Rights have warned that vague definitions in the treaty could allow authoritarian governments to misuse the pact for surveillance or censorship.

The European Union and Canada have confirmed plans to sign, saying the final text includes safeguards for civil liberties, while the U.S. has not confirmed whether it will attend the signing ceremony. UN Secretary-General António Guterres is scheduled to preside over the event on Saturday.

Vietnam’s role as host has drawn scrutiny due to its record of online repression. The U.S. State Department and Human Rights Watch recently reported that at least 40 people have been arrested in Vietnam this year for online posts critical of the government. Critics say holding the signing there “sends a troubling message” about digital rights, particularly as Vietnam continues to tighten control over internet speech.

The Cybersecurity Tech Accord, a coalition that includes Meta and Microsoft, has dubbed the agreement a “surveillance treaty,” warning it could enable excessive data sharing between governments and “make it easier, not harder, for criminals to engage in cybercrime.”

Despite the controversy, the UN Office on Drugs and Crime (UNODC), which led negotiations, insists the treaty includes human rights protections and allows countries to refuse cooperation requests that violate international law. It also states that the agreement “encourages legitimate cybersecurity research” — a point activists fear could still be used against ethical hackers who expose government vulnerabilities.

Vietnamese officials defended hosting the event, saying the nation faces rising cyberattacks on critical infrastructure and hopes the accord will boost its cyberdefence capabilities. Still, digital rights advocates like Raman Jit Singh Chima of Access Now warn that the pact risks being “a tool for repression disguised as global cooperation.”

Jaguar Land Rover Hack Inflicts $2.5 Billion Blow to UK Economy, Report Finds

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The cyberattack on Jaguar Land Rover (JLR), owned by India’s Tata Motors (TAMO.NS), has cost the UK economy an estimated £1.9 billion ($2.55 billion) and disrupted more than 5,000 organisations, according to a report published Wednesday by the Cyber Monitoring Centre (CMC).

The CMC, an independent body comprising cybersecurity experts including the former head of Britain’s National Cyber Security Centre, described the August attack as “the most economically damaging cyber event to hit the UK.” Most of the financial fallout, it said, stems from lost manufacturing output across JLR and its suppliers.

JLR was forced to halt production for nearly six weeks, affecting its three UK plants that together produce around 1,000 vehicles per day. The company began resuming operations earlier this month, but analysts estimated losses at roughly £50 million per week during the shutdown.

The British government extended a £1.5 billion loan guarantee in September to help JLR stabilize its supply chain and support affected partners. The CMC warned that total losses could climb higher if production takes longer than expected to return to normal levels.

“This incident highlights the scale of vulnerability in interconnected supply chains,” the CMC said, noting that the breach disrupted not only JLR’s assembly lines but also dealerships and logistics providers.

The attack was classified as a Category 3 systemic event — the third-highest severity level on the CMC’s five-tier scale — due to its widespread economic ripple effects.

The report also placed the incident among a series of major British cyber breaches in 2025, including one at Marks & Spencer (MKS.L) in April that caused an estimated £300 million ($400 million) in losses after shutting down its online platform for two months.

JLR declined to comment on the findings but is expected to release its financial results in November. The CMC report, which is funded by the insurance industry, said the event underscores the growing systemic risk cyberattacks pose to the UK’s industrial and economic stability.