Intel
                           June 30, 2001  July 1, 2000   
Cash and equivalents            3,205          7,308
Short term investments          6,135          5,902
Marketable equity securities      649          6,201

Total liquid assets             9,989         19,411

Undepreciated Capex            17,828         12,324
Goodwill, etc.                  6,277          6,240
Debt and lease obligations        928            870

Total unaccounted costs        25,033         19,434

                                        AMD
Cash and equivalents            1,057          1,080
Joint venture                     377            267
Total liquid assets             1,434          1,347

Undepreciated Capex             2,668          2,588
Debt and lease obligations        754          1,482

Total unaccounted costs         3,422          4,070 
Unaccounted costs represent money spent, but not yet accounted for. In other words, 
eventually, AMD will have to pay off $928 Milllion in Dresden loans and leases - paying 
money out in that quarter, but not getting anything for it. In the same way, sooner 
or later Intel will have to charge some account for the $25,033 Million it spent but 
didn't expense for goodwill and other assets. (AMD has undepreciated capex and Intel 
has some debt, but those are less important to the respective companies). A year ago, 
Intel had as much cash as it had yet-to-be expensed obligations - now it has less 
than half. AMD's long term position has actually improved while it will take $19 Billion 
in earnings to repair the damage done to Intel's balance sheet during the last year 
- and $10 Billion of that is after taxes (Intel must expense an extra $5 Billion to pay 
off the Goodwill etc. and make another $14 Billion to keep $10 Billion to get cash back 
up to where it was). And they're in the middle of a price war in the midst of a down 
market. And a Y2K spending splurge won't happen again anytime soon...