The entire tech sector's growth is really in doubt
Well the future is always in doubt. Semis are clearly rolling over as inventories have been stocked, and as usual excess capacity has been built. But the end markets (PCs, servers, telecom equipment, handsets, consumer electronics, etc., etc.) have seemed fine so far, and Cisco's ACTUAL July results seem fine (like I said, up 5% sequentially in a 13 week quarter versus a 14 week quarter). It's just the GUIDANCE which is confusing if book to bill was one, orders this Q were above last Q, the July quarter was linear and seasonality says October should be up more than 2%.
I agree there is cause for concern in tech, but I'm not sure whether things are really slowing down, or there is a summer pause which leads to a nice Q4 rally. THAT is my big question......
Dell, ADI, NTAP, A and HPQ in the next 8 days should provide a few more data points.....
Elroy |
