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To: Paul Shread who wrote (27572)	1/11/2002 10:42:07 AM
From: Justa Werkenstiff	of 209892

Paul: I think you are right. I misunderstood the Niles hype. Restated: He said that capex for 2002 would be $7B as opposed to $6B as previously projected for 2002. But Niles seems to have overstated things a bit as $6B appears to have been at low end of range. October 22, 2001: 09:53 ET Intel (INTC) 24.09 -0.06: Asian Wall St Journal reported today that Intel would cut 2002 capex by 10-20% off of the 2001 figure of $7.5 bln, based on comments from Intel's CTO at a Taipei stop for the Intel developers' forum. The implied $6.0-6.75 bln figure is above most estimates for 2002 capex, and is likely to attract the same sort of skepticism that greeted Intel's 2001 estimate of $7.5 bln, though of course Intel is likely to deliver on that projection.

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