“Since declining over the past week, it is our opinion that the shares of each microprocessor supplier sufficiently discount potentially slower PC sell-through as well as the potential for aggressive pricing this winter. We continue to receive confirmation of strong notebook PC and server demand, even if desktops are less clear.”
“The second half should be a barn burner, ... We've had a good lengthy correction and sentiment has been problematic. There's no irrational exuberance in these stocks.”
“Whether top-down or bottoms-up, the facts today point but in one direction: that of sustained, significantly above-trend growth at least through the end of 2000, with virtual certainty of vigorous growth through 2001 and even the likelihood for continued expansion though 2002 as well,”
“Growth drivers are perceptibly decelerating and offer minimal forward visibility as communications end-markets join previously stalled cell phones and PCs in blunting the continued rapid demand growth,”
“This potentially reminds of similar events two and half to three years ago when Intel was ramping its 90nm process, from the predecessor 130nm, and did not achieve efficiency previously taken for granted in process transitions, ... Here they are at 65nm; our view is they cannot afford to repeat history now that AMD is about to ramp a large, modern production facility.”
