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To: Paul Dieterich who wrote (486)	4/21/1998 7:49:00 AM
From: Rustam Tahir	Read Replies (1) of 582

Semiconductor Equipment: World Wide Capital Spending Outlook from Lehman * With recent 1Q reports from multiple chip manufacturers, we have updated our database of world wide chip manufacturers' semiconductor equipment capital budgets. We currently estimate that 1998 spending will decline 13% vs. 1997. * Intel, Motorola, and Texas Instruments , have all lowered their capital spending plans over the last few weeks. We currently estimate that the U.S. chip manufacturers we survey plan to spend 1% less in 1998 than in 1997. * Capital spending by Taiwanese chip manufacturers has been robust over the last years, but the rate of capital spending increases appears to be slowing. Our current estimates suggest 1998 increases of 15% vs. 1997 in $US. * Although Japanese chip manufacturers have yet to report their official spending plans for fiscal 1999 (begins April 1), our contacts at the companies lead us to believe that spending will decline 27% vs. fiscal 1998 in $US. * While visibility still remains unclear, we continue to expect an upturn by the end of 1998, which will fuel higher capital spending in 1999. I

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