Intel Corporation (INTC) Message Board

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Technology Stocks : Intel Corporation (INTC)

INTC 49.25

+0.9%

Feb 3 3:59 PM EST

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To: Joseph Pareti who wrote (86260)	7/28/1999 10:52:00 AM
From: Robert Douglas	of 186894

If (and I strongly believe in it) everything will be sold over the internet, C$CO will own the infrastructure, and AMZN will be another '"so what" that uses the infrastructure like all other guys. What you should have said is that CSCO sells equipment to those who build or own the infrastructure. In this respect, CISCO is more like Applied Materials or even Caterpillar. It's the rate of growth of the infrastructure that drives a capital-equipment producer's sales. Once this rate of growth slows then they become subject more to the replacement cycle. Typically capital goods producers command low P/E multiples because of this. As much as I admire what CSCO has done, I have to conclude that the multiple is too high.

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