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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Gottfried who wrote (55656)	11/15/2001 11:08:41 AM
From: Mark Marcellus	Read Replies (3) \| Respond to of 70976

That's pretty much what he said. His main theme, no doubt well rehearsed from talking with customers, was that chip makers who don't invest in infrastructure now will be caught short when demand returns. He also indicated that financing was not a problem for most of AMAT's customers, they are simply reluctant to spend until they are comfortable that things have turned around. Based on past history, it is certainly reasonable to expect that we will soon enter the manic phase of the manic/depressive chip cycle. However, I do wonder what happens if the downturn becomes so pervasive that demand doesn't come back. We may have reached a point where, for the first time in at least 30 years, technological capabilities have outpaced the demands of the economy. We shall see, but complacency here can be very dangerous for long term investors.