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To: Gottfried who wrote (110311)	9/19/2000 3:52:30 PM
From: David E. Taylor	Read Replies (1) \| Respond to of 186894

Gottfried: This is probably a dumb Q, but there's something about this analyst concern over a declining book to bill ratio for semi conductor equipment that seems to me to be misplaced. The concern seems to be that a declining book to bill ratio (from 1.5 at the beginning of the year to around 1.25 in June/July) is indicative of slowing sales. But this ratio in isolation is meaningless, and one reason that it's declining is the simple mathematical result of the fact that sales (the denominator in the ratio) are up Y/Y by 70%+. I also read somewhere that AMAT's delivery lead times are down to around 5 months. That means that equipment on order now will be out the door in under 5 months. 1.25**(12/5) equates to over 70% Y/Y growth. So what's the worry? David T.