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To: Bruce Brown who wrote (45768)8/22/2001 6:51:06 PM
From: paul_philp  Read Replies (1) | Respond to of 54805
 
I agree that software is affected by the business cycle. I have been through a couple of {previous} recessions. However, that is not the same as being cyclical like Applied Materials and Intel. Their cycles are driven by industry specific dynamics. When the semiconductor downcycle coincides with a business cycle downturn we get the kind of bloodbath we are seeing right now.

Paul