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To: Mr. Aloha who wrote ()	3/30/1998 12:23:00 PM
From: Paul Dieterich	of 582

Lehmans on semi equip, Intel: * Intel (INTC, $77, Rated 3 by Michael Gumport) announced that it halted construction of a $1.3 bill. Texas plant. This is not a surprising announcement; a two-year delay was originally announced last Fall. * The Texas plant will ultimately be a 300mm wafer facility, for volume production. In 1998 Intel will proceed with a new (recently announced) R & D facility in Oregon, and this technology will be migrated to the Texas plant. * Intel's capital spending plan is still $4.6 bill. For 98, excl. the purchase of Digital Equipment's (DEC, $51 15/16, Rated 2 by George Elling) chip plant for $0.7 bill. This will be up from 1997 spending of $4.5 bill. * There has been speculation about potential budget cuts at Intel, but we think this is unlikely. The technology Intel is deploying will help it cut manufacturing costs per chip, and it represents a worthwhile investment. * The equipment industry's 98 outlook is weak. But many chip plants around the world today have (relatively) old technology and low productivity. The need to drive down chip production costs should fuel a 99 spending recovery.

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