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Technology Stocks : LSI Corporation

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To: patrick tang who wrote (14134)	8/10/1998 2:58:00 PM
From: Jock Hutchinson	Read Replies (1) of 25814

Patrick: A few random thoughts. The depreciation on Gresham starts at $16 million in 4Q '98 and ends at $25 million in 4Q '99. The most recent short interest that I saw posted on LSI was a couple of weeks ago in Barrons, and it was its "usual" 3 million plus. The only time it was significantly higher in the past eight months was just after the April CC, and those additional shorts made some very serious money. Since I am for the time being a glass is half full investor in LSI, I am wondering if Gresham wouldn't be able to take some foundry work in the middle part of the next upcycle from Japan's ASIC providers. The POSSIBLE scenario I envision is ongoing disinvestment in next generation Japanese fabs to the extent that there is a shortage of deep sub micron capacity for the Japanese ASIC chipmakers in late '99 or '00 (pronounced double ought?). I am not advocating this as a solution for any short-term overcapacity problems at Gresham, just wondering what the various uses of Gresham can be. Hypothesizing about this led me to wonder if LSI took any foundry work in the "glory days" of '94 and '95. I am also wondering what percentage of CoreWare accounted for their revenues in those two fiscal years.

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