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To: TGPTNDR who wrote (18112)	11/7/2000 5:25:30 PM
From: AK2004	Read Replies (1) \| Respond to of 275872

TGPTNDR - <font color=green>intel's part seems like intel is trying to beat AMD to a punch by releasing a news about releasing a news about .13um process <ggg> Regards -Albert 02:55pm EST 7-Nov-00 Robertson Stephens (Rothdeutsch, Eric 415-693-3241) INTC INTC: 0.13 Micron Process Development Appears Complete November 7, 2000 I N T E L C O R P O R A T I O N (INTC $46 9/16) 0.13 Micron Process Development Appears Complete Rating: Long-Term Attractive Eric Rothdeutsch (415) 693-3241 eric_rothdeutsch@rsco.com Robertson Stephens Robertson Stephens Intel Corporation INTC 46 9/16 11/7/00 Industry: Semiconductors Eric Rothdeutsch (415) 693-3241 Change in Yes/No Was Is ...Rating: LTA FY DEC F1999 F2000E F2001E EPS F1999 Actual $1.16 EPS: 1Q $0.29 $0.35A $0.40 EPS F2000 No $1.68 2Q $0.25 $0.50A $0.42 EPS F2001 No $1.75 3Q $0.27 $0.41A $0.45 4Q $0.34 $0.42 $0.48 Year $1.16 $1.68 $1.75 52-Week Range: $75.81-32.50 P/E 40.1 27.7 26.6 Shrs Out (MM): 7007.0 Market Cap ($MM): $326,263 Revs($M) F1999 F2000E F2001E Average Daily Volume (000): 31,506 1Q $7,103 $8,021A $9,114 Book Value/Share: $5.38 2Q $6,746 $8,300A $9,433 ROE: 26.6% 3Q $7,328 $8,731A $10,188 Price/Book: 6.7 4Q $8,212 $9,300 $11,299 Net Cash/Share: $2.00 Year $29,389 $34,352 $40,034 3 Year Sec Growth Rate: 12% EqtyMkt/Rev 11.1 9.5 8.1 Key Points: Intel just completed a conference call highlighting the successful completion of the development of its 0.13 micron, copper interconnect process technology. A formal press announcement should follow later this morning. Intel is the first processor company to announce production of integrated circuits on this bleeding-edge technology. The company produced high yields of 18Mb SRAMs, an important device used in level-2 cache on its processors. (As a comparison, the SRAM industry has only just begun sampling 8Mb SRAM devices). This new 0.13 micron process --- the first Intel process utilizing copper interconnect technology --- should result in processors operating at multi- GigaHertz frequencies at much lower power than preceding generations. We believe that this will be the first generation whereby Intel effectively addresses the needs of the mobile computing market. Intel is planning to ramp its 0.13 micron process at 9 factories worldwide, beginning on 200mm wafers at Fab 20 in Oregon during 1Q01 and on 300mm wafers in 1Q02. This appears to be an accelerated ramp over the 0.18 micron generation with higher numbers of wafer starts. The impending rollout of 0.18 micron, aluminum-interconnect Pentium 4 devices should occur on November 20th with the first products introduced in excess of 1.4 GHz. THE COMPANY: Intel Corporation is the world's largest semiconductor supplier and provides semiconductors, boards, systems, and software used in a variety of computers, servers, networks, and communications products. In our opinion, Intel holds one of the most powerful positions in the electronics industry because it controls the architectural direction and price/performance levels of PCs. INVESTMENT THESIS: We believe that Intel will continue to dominate the MPU market while seeing an environment of limited competition. Over the longer term, Intel should increase its focus on becoming a broad-based communications vendor in addition to a computer-related silicon supplier. INVESTMENT RISKS: Among the risks are competition from X86-architecture, X86 compatible and Power PC suppliers, the manufacturing challenges and risk involved in a rapid ramp of manufacturing facilities, the ramp of the new Pentium 4 architecture, the ramp of the new 0.13 micron process technology, and the slowing growth rate of personal computers.