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Technology Stocks : Micron Only Forum

MU 237.50

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3:59 PM EST

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To: DJBEINO who wrote (45579)	5/4/1999 12:56:00 AM
From: Carl R.	Read Replies (3) of 53903

David Wu also upgraded AMAT today. He presumably is taking the view that the DRAM producers will repeat 1997 and order another round of equipment (good for equipment, bad for DRAM). I lean towards that scenario myself. As Tad has pointed out, in order for the semi recovery to really take place the equipment business needs to recover slowly, allowing the semis time to work off excess capacity. However just like the game "prisoner's dilemma", each DRAM producer optimizes their own profit by ordering equipment, while all are better off if none order equipment. In the absence of conspiratorial agreements they will each order equipment, even though they are all worse off as a result. Carl

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