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Technology Stocks : Cymer (CYMI)
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To: Curlton Latts who wrote (20814)1/31/1999 4:56:00 PM
From: Katherine Derbyshire  Read Replies (4) of 25960
 
You're missing my point. I absolutely agree that Cymer has a near monopoly position at the moment. HOWEVER, a laser monopoly is inherently less robust than a software monopoly (MSFT) or a MPU monopoly (INTC). The total unit market for lasers is far smaller, the costs of a single laser failure are far larger, and the advantages of standardization for the customer are far smaller.

There are CYMI competitors on the horizon, particularly at the 193 nm wavelength. Even loyal CYMI customers would dearly love to have a second source at all wavelengths. CYMI therefore needs to continue to prove that they are worthy of the industry's reliance on them.

CYMI investors meanwhile, should be alert for any signs that they are failing to do so. If you'd rather shout down people whose opinions contradict your comfortable view of the world, that's your business. But it's also your money at risk if you choose to invest with your heart rather than your brain.

Katherine
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