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Technology Stocks : Semi Equipment Analysis

SOXX 299.81

+2.7%

Dec 19 4:00 PM EST

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To: Return to Sender who wrote (3242)	5/23/2002 9:08:57 PM
From: Cary Salsberg	Read Replies (2) of 95617

RE: "Opticals vs. Semis : Based on Bernstein's analysis of the historical trading multiples, firm favors optical networking and components cos over semi cos; believes that JDSU, GLW, and AGR.S are trading at below their long term trading multiple with ALTR and XLNX trading at a "much higher price than it is warranted." Current P/S (relative to S&P500) of JDSU, GLW, AGRa are below their projected long term levels, Bernstein expects as they emerge from current trough levels, P/S should overshoot their projected P/S levels." I hope Bernstein comments on the fact that INTC moved into tunable lasers with a tiny $50M cost. The real story is if JDSU et. al. are future toast, not some imaginary "projected long term levels". My experience has been that when INTC moves into a market, the competition usually leaves the business, voluntarily or otherwise; AMD excepted, of course.

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