Higher interest rates, which counter inflation, are also sparking fears of an economic slowdown and causing investors to rotate from dividend stocks toward lower-risk bonds. That business model insulates it from the ongoing chip shortage, and its cost-cutting migration from 200mm to 300mm wafers over the past few years enabled it to significantly reduce its own manufacturing costs and boost its gross margins. TI's business is naturally resistant to inflation since it has much better control over its own supply chain and operating expenses than other chipmakers, and it generates plenty of excess cash for buybacks and dividends.