Texas Instruments today announced that estimates for the first quarter of 2008 would be lower than expected. So what, right?

TI Blames Its Current Woes On An Unidentified Customer
TI - you know, the company that makes those famous graphing calculators - does a brisk business in wireless phone chips - to the tune of manufacturing almost half of the chips used in the world's cell phones. But back to the story: TI's lower estimates were the result of an unknown wireless company that reduced its orders.

"Texas Instruments said the warning came after one of its key clients cut plans for building third-generation advanced phones in the preceding week or so."

According to speculation, that customer might just be Nokia, one of Texas Instrument's biggest customers. The big question is - does this means a slowdown for global cell phone growth or is this simply a case of Nokia spreading its eggs in more than one basket?

Shares of both Nokia and Texas Instruments fell sharply on the announcement, so it seems that most investors voted for the former.

Texas Instruments Falls