Amid downsizing, Texas Instruments reportedly expands Silicon Valley presence
SANTA CLARA – Amid waves of layoffs and downsizing in the tech industry, one firm said it plans to expand its presence in Silicon Valley.
Michael Agnel, owner of Jaks in Santa Clara, welcomed the news that his restaurant about to get some new neighbors: potentially 700 to 1,000 Texas Instruments workers who would be moving into buildings nearby.
"A big giant company like a Texas Instruments, if they occupy it, that will give us good lunch traffic," said Agnel, whose establishment serves Indian cuisine.
Agnel says the last few years has been a struggle.
Jaks was going to open in 2020 but couldn't because of the COVID-19 pandemic. His restaurant has been open for just three months.
"We are just out of the pandemic, it's still the third year and most of the companies are still working on a remote basis, so having this one will be really interesting," he said.
Texas Instruments did not respond to KPIX's request for comment. But the company reportedly leased more than 200,000 square feet of office space in two buildings on Great America Parkway, next to the Great America theme park.
The deal would be a big addition to the Dallas-based semiconductor company's already significant footprint in Silicon Valley.
"It's never a surprise to see people locate here because there are certain things about Silicon Valley that are pretty distinct to us," said Russell Hancock, President and CEO of Joint Venture Silicon Valley.
"The abundance of venture capital, it's the highly educated population and workforce, it's the colleges and universities, including some world-class research institutions," Hancock said.
He also added that the deal contradicts the recent narrative that Silicon Valley's best days are behind it.
"I've kept a collection of obituaries that have been for Silicon Valley. And yet, we're still here," Hancock said.
It's hoped the deal will help spur more companies to boost their physical presence.
"So we can fill up our restaurant and any other restaurant in the area," said Agnel.
The move could also help reduce the large number of office vacancies in Silicon Valley left over from the pandemic.