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Technology Stocks : WDC/Sandisk Corporation -- Ignore unavailable to you. Want to Upgrade?

To: Andre Williamson who wrote (20179)	4/24/2001 2:21:16 PM
From: Ausdauer	Read Replies (2) \| Respond to of 60323

Palm OS news siliconinvestor.com Aus

To: Andre Williamson who wrote (20179)	4/24/2001 4:08:04 PM
From: Art Bechhoefer	Read Replies (1) \| Respond to of 60323

"is there any way of taking the royalty streams, unit sales, and licensing announcements, and coming up with a picture of how much of the 'licensing & royalty stream' is one-off, and how much is recurring" I spoke with Frank Calderoni earlier this month and tried to find out just what the royalty and licensing situation is, but to no avail. We do know that many removable flash card products from competitors are sold without any royalties being paid. We also know that there are many other types of embedded flash memory products that can be used in place of removable cards in products such as cameras and MP3 players. Among newer products is the MP3 player made by Intel, with 128 mb embedded flash. This anecdotal data argues strongly in favor of reduce IP value, and the fact that SNDK products are subject to competitive pricing pressures is further evidence of the commodity nature of the business. But you are absolutely right that the rapidly growing number of applications suggests strong enough demand to justify a higher valuation of SNDK shares than is currently the case. At the present time, the only moderately good predictor of SNDK share price is the price of other semiconductor stocks, either in the PHLX index or the SMH trust shares. The majority of semi stocks are tied to the health of computer microprocessors and DRAM business, and to a lesser extent the demand for telecommunications chips. Even though this is quite a different market from flash memory, it is, so to speak, a fact of life that strongly suggests the shares continue to be undervalued. Art