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Activist investor Elliott Management has taken a $2.5 billion stake in Dallas-based semiconductor giant Texas Instruments, blaming the company for lagging stock market returns and overspending.

In the letter to TI's board, Elliott said the company is spending too much on massive capital projects and that " commitment to capital discipline will restore investors' confidence."

Elliott's investment is worth about 1.3% of the company's market value.

TI, known to many consumers for its handheld calculators, is one of the world's most prominent semiconductor manufacturers, a vital ingredient in many electronic devices. The company's growth has coincided with an effort to centralize production on American soil, highlighted by the company's November 2021 announcement of a $30 billion complex in Sherman with four semiconductor fabrication plants that will add 3,000 manufacturing jobs in the North Texas area.

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