Texas Instruments is the World

Texas Instruments, the semiconductor company, is very diverse (largest product is just 0.8% of revenue).
Their sales growth therefore largely follows global PMIs.
It makes them a great barometer of what is going on.
They have now experienced four quarters of revenue decline and are guiding for a fifth (typical semi-cycle is 4-5 quarters).
From their recent conference call:
“Revenue decreased 11% from a year ago and came in below the midpoint of our guidance as we saw most end markets continue to weaken further … the weakness we’ve seen in the third quarter was broad-based across all markets and most sectors … We saw weakness across all major customers, regions and technologies … our sense is that customers are just far more cautious than they were certainly a year ago, but even 90 days ago.”