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Technology Stocks : Intel Corporation (INTC)

INTC 34.50

+2.6%

Nov 21 9:30 AM EST

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To: AK2004 who wrote (129326)	3/6/2001 5:36:28 PM
From: Amy J	Read Replies (2) of 186894

Intel's Grove Doesn't See Rapid Snap-Back PC Demand Amy J dailynews.yahoo.com SAN FRANCISCO (Reuters) - Intel Corp.'s (NasdaqNM:INTC - news) Chairman Andrew Grove said on Tuesday he does not expect end- demand for semiconductors to snap back rapidly, noting it will take some time for the downturn in the chip industry to end. ``I don't expect the end demand to snap back,'' Grove said on a conference call and Webcast hosted by Lehman Bros. and its semiconductor and PC-company analyst Dan Niles. ``We are in this state for some period of time.'' Grove was not more specific. The semiconductor industry has undergone a vicious reversal of fortune since the fall of 2000, with virtually every type of semiconductor company warning that first and even second- quarter sales in 2001 will be less than forecast. But most are holding out hope the second half of the year will bring more robust growth in the U.S. economy. While the short-term may be rough sledding, Grove, an American business icon and Time magazine's Man of the Year, remains bullish about the long-term future of the high- technology industry. ``This industry is the fundamental industry of our times -- not just chips, not just Intel, but the high-technology industry,'' Grove said. ``For those of you that have a stake in there, I'd like to share my confidence and enthusiasm for this industry long-term. So keep the faith.''

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