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Technology Stocks : Full Disclosure Trading

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To: Jacob Snyder who wrote (3354)	12/19/2002 9:47:53 PM
From: Cary Salsberg	Read Replies (3) of 13403

RE: "...current industry conditions...a rich valuation..." The economy is limping along. Unemployment is high. Technology investment by business is very low. Semi company sales are way down from 2000 and only leading edge is growing, slowly. In this environment, every technology company knows that innovation and advanced products are the only hopes for moving past the current malaise. They all know that AMAT's products along with those of a handful of other leading semi-equips are the engines of this progress and they are investing as much as possible in advanced technology from AMAT et. al. Every knowledgeable investor knows that AMAT is a success now and will be a huge success when the economy and technology get rolling. The "downside" you are looking for is volatility at the bottom. We certainly have seen it this year. It has no relation to "valuation" except that the mindless shorts look at numbers and ratios out of context to pick a target for their attacks. EMC and JDSU are "broken" now and their chances of ever getting "fixed" are uncertain. AMAT's future is as sure as it gets in tech land. Maybe, your "rich valuation" is just rational valuation by others than shorts.

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