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Technology Stocks : ARM Holdings (Advanced RISC Machines) plc. -- Ignore unavailable to you. Want to Upgrade?

To: Mats Ericsson who wrote (501)	4/10/2000 4:25:00 PM
From: Raymond Duray	Respond to of 912

Hi Mats, Re: NAZ 3200. My sense of this market is that we are more likely to see 3200 than 5200 in the next 3 months. If one looks at the number of shares coming into the market from the end of lockups on the hurricane of IPOs last fall, new IPOs and secondaries coming to market one can only conclude that there will be a surfeit of supply coming to market with the typical slower pace of liquidity feeding the demand side after April 17. I have been watching the ARMHY story since last summer and I would have to say the pace of competition is definitely picking up. Picoturbo being merely the latest manifestation of the oft repeated theme in high tech that any company commanding exceptional returns, such as ARMHY, will soon find itself in a sea of 'me too' competitors. ARMHY's great advantage is that it continues to be able to innovate at a quicker pace than others. But I would be hard pressed to conclude that the market will reward ARMHY with any expansion of its extreme P/E in the near future. Before any here get the impression that I'm bearish on ARMHY, I am not. But I am thinking that the NAZ is going to be consolidating for a while. Best, Ray