07:33 AM EDT, 08/21/2024 (MT Newswires) -- Texas Instruments ( TXN ) expects to make a minimum of $2 billion in capital expenditures in 2026 depending on revenue that year, executives said Tuesday in a capital management event.

TI is now looking at a range of $2 billion to $5 billion, adjusting its initial target of $5 billion for flexibility in case revenue comes out lower than expected, the company said.

Activist investor Elliott Investment Management, which took up a position in TI in May, commended the chipmaker's move.

"We commend Texas Instruments ( TXN ) on today's capital-allocation update, which re-affirms TI's long-standing commitment to shareholders that long-term growth of free cash flow per share is the company's true north," Elliott Managing Partner Jesse Cohn and Partner Jason Genrich said in a statement.

TI shares were up 2.2% in recent Wednesday premarket activity.

Price: 206.94, Change: +4.40, Percent Change: +2.17