MEMC INT'L. (WFR -NYSE) The Sleeping Giant? Message Board

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Technology Stocks : MEMC INT'L. (WFR -NYSE) The Sleeping Giant?

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To: edward miller who wrote (609)	8/9/1996 2:38:00 PM
From: Cynic 2005	of 4697

Ed, thanks for those informative notes. I was an early bull on MEMC and made good money. Recently turned bearish purely based on it's business prospects. In my opinion wafers are commodities and when there is a wafer glut MEMC can no longer command these fat margins. I think the glut is around the corner. We will see it in about 6 months time. About a year ago it was believed that cheaper DRAM prices mean more chips means more demand for wafers. Valid point if the demand > supply! Not valid otherwise. I have some knowledge about the wafer making process. But earlier I, like many, used to believe that wafer making process is complicated. My cyberfriend Mike Burke says otherwise. He said that wafer making is Chemistry 101 and there is nothing proprietary about this technology. But one thing makes this business complicated for new players to enter-in is the qualification process. But if I am already a wafer manufacturer, I should have no problem adding more capacity, right. Which is what exactly MEMC, Samsung, Mitsibishi and Hitachi are doing! Can you please shed some light on this? I think that information will be useful for many. Thanks! >>Mohan

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