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Technology Stocks : Advanced Micro Devices - Moderated (AMD)

AMD 252.74

+0.3%

3:59 PM EST

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From: gzubeck	11/28/2004 8:56:40 PM
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This is part of the Goldman Sachs AMD report.... epscontest.com f) FLASH MEMORY - SNDK (NAND flash), INTC (NOR), AMD (NOR) - REVENUE DECLINE NOT QUITE AS BAD AS HISTORICAL TRENDS GIVEN STRENGTH IN NAND:October flash memory revenues of $1.2 billion declined 24% M/M, versus the 10-year historicalmedian of down 27% M/M. October flash revenues fell M/M on the combination of a 27% M/M unit decline and a modest 4.1% M/M ASP increase (Flash ASPs have historically fallen at a median rate of 1.8% in October). NOR flash revenues fell 38.3% M/M driven by a 32% M/M unit decline. NAND flash revenues rose 1.4% M/M as a 5.1% decline in units was slightly offset by a6.9% increase in ASP's likely driven by a solid increase in memory density per unit. a) MICROPROCESSORS (MPUs) - INTC, AMD - OCTOBER SHOWS SEASONAL DECLINE AND MORE SEVERE SEASONALITY OF RECENT MONTHS. Microprocessor sales for the month of October totaled $2.1 billion, down 41.2% M/M (vs. 18-yr median of down 29.3% M/M), and down 6.3% Y/Y (vs. 18-yr median of up 29.4% Y/Y). The sequential revenue decrease was due to a less-than-seasonal ASP decline of 6.4% M/M (versus 18-year median October sequential ASP decline of 10.1%) and a greater than seasonal unit decline of 37.1% (versus 18-year October sequential unit decline of 24.6%). The October M/M MPU revenue decrease follows a seasonally solid September for MPU revenues, and shows some of the exacerbated seasonality of MPUs in the past year. Year to date MPU revenues are up 11.3% (down from + 13.4% in September). Companies with exposure to microprocessors under our coverage include INTC (OP/N) and AMD (IL/N). Lets just hope October was just a bad month...

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