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From Barrons:
John Marren, a technology investment banker with Morgan Stanley says, "the vulnerable companies...are those caught in the middle--those with less than $2 billion a year in revenues that rely on their own production facilities." While Marren won't name names - some of the companies in this group are his clients - among those that fit his definition are LSI Logic, VLSI Technologies, Atmel, AMD, Integrated Device Technology and Cypress Semiconductor. Marren thinks the top-tier companies (e.g. TXN, INTC, IBM, LU, NEC) will be ready buyers, seeking to build up their intellectual property base as the industry increasingly focuses on creating "systems on a chip", devices that integrate multiple functions. So when does the mating dance begin? "It's hard to predict exactly when this is going to start," Marren says, "but when it does, its's going to touch off a chain reaction". |
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