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Technology Stocks : Advanced Micro Devices - Moderated (AMD)
AMD 214.18-0.5%Dec 31 3:59 PM EST
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To: g_w_north who wrote (155188)4/7/2005 4:04:39 PM
From: kpfRead Replies (1) of 275872
 
g w north

Thanks for digging this one up.

Smells like AMD will be laying its eggs into the Chartered nest for a while and stretching Fab36 capex a year longer or so. There was an AMD report also in Germany recently saying only half of the planned staff or so for Fab36 is under contract currently "because of a lack of qualified applicants". Well. Now I have an idea how picky AMD will be for the 600 left. ;-)

In a bigger frame, Chartered seems to be intended as a bridge for volume until a coordinated Fab36 ramp-up and Fab30 ramp-down will allow for moving skilled and experienced staff in the 07/08 timeframe. Looking at the whole picture this would possibly help AMD to stem its portion of FASLs financing of SP1 in 06 by means of allocating AMD's 06 Capex to Aizu-Wakamatsu. (The very same applies here: Closing down JV1 needs moving staff to SP1 to avoid severance charges).

Looks like a reasonable plan to me. Although there will be some discussions about subsidies for creating jobs in Germany, and some renegotiations of financing terms as well, Bob has gone through this before in Dresden.

From a more distant viewpoint, what I see evolving here is somewhat typical AMD-handwriting of using other peoples money. A propos - if only for the pun hard to resist - maybe the strategy of putting eggs in others nest for a while is something to consider for investors as well. ;-)

K.
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