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To: Paul Engel who wrote (152528)	12/14/2001 2:10:36 PM
From: Tony Viola	Respond to of 186894

Paul, "Thoroughbred now shown earlier, in Q1, but starting at "only" 2000+. " >>Is this correct ? A ThoroghlyDead at Quanti 2000+ is only about 1660 Mhz - right? And this is a 0.13 micron device? If true, AMD's process problems are in a world of QuantiHURT !! Don't know how is gooten das datainformazioner schedulzen unt gezunteclockenfrequenzies. Tony Edit, Burt Masnick, are you out there (your "German" is much better than mine)?

To: Paul Engel who wrote (152528)	12/14/2001 2:14:33 PM
From: TomZ	Read Replies (1) \| Respond to of 186894

Intel says court denies AMD petition on documents By Jack Robertson EBN (12/14/01, 01:54:55 PM EST) Intel Corp. on Friday said the Federal District Court in San Jose, Calif. has denied Advanced Micro Devices' motion to unseal documents in a separate antitrust case. AMD wanted the documents to be available to the European Commission for its antitrust probe of Intel. Intel was notified of the ruling but hasn't yet received the background memorandum behind the decision, a spokesman said. AMD had filed the suit seeking to unseal discovery material obtained by Intergraph Corp. in that firm's antitrust suit against Intel. AMD said it believed the information would be of use to the EC in its ongoing antitrust investigation. Intel had argued that AMD had no legal standing to seek thedocuments, and the EC should make its own petition to the court if the European agency wanted the information. The years-old Intergraph case involved Intel's handling of processor interface and other data, which the workstation firm claimed thwrated competition. Parts of that case have been dismissed and portions are still ongoing. ebnews.com

To: Paul Engel who wrote (152528)	12/14/2001 2:18:43 PM
From: TomZ	Respond to of 186894

Interesting analysis that seems to parallel the ongoing valuation discussion on this thread Improved efficiencies spark tech stocks rally By Roger Norberg EBN (12/10/01, 01:01:59 AM EST) U.S. equity markets have been swimming upstream against a strong current of negative economic data that points to a recession. The sharp rebound has left many investors behind as equities have appeared expensive by historic measures, compounded by the fear and horror of geo-political terror. However, major shocks to the system tend to be the catalysts that end bear markets. Government policy actions have also quickly changed the monetary and fiscal landscape. In the electronics sector, business activity in the aggregate does not appear to have changed much from pre-September levels. End demand is still soft but has not collapsed, and participants in the food chain continue to focus on inventory liquidation and capacity rationalization. In some cases inventories have hit bottom, which is triggering a certain amount of order activity. Oddly, the sharp rise in technology shares in the last few weeks has been met with more than a few boos from analysts who a year ago chanted bullish praise about the unlimited growth of technology, ignoring comments about irrational exuberance from the Federal Reserve Board chairman and lofty valuations that could not be explained by any sensible methodology. However, it was easily explained by the bulls that in a new-age economy, archaic valuation rules simply did not apply. It appears, however, that many of these analysts have become “born- again” valuation disciples, and now fear the rally because earnings multiples still look expensive. The lesson learned is that valuation is always a part, but never the whole, of rigorous equity analysis. While we share some of the same concerns, we also believe that the rally in technology shares has justification. What the market is seeing that many analysts are missing is the positive impact that downsizing efforts will have on earnings. In the last few weeks, some OEMs, including Cisco Systems, Hewlett-Packard, and Network Appliance, have reported quarterly results that exceeded Wall Street consensus earnings estimates, and forward estimates have been revised up. The positive surprises were not driven by strong revenues, they were driven by leaner expenses. As such, tech shares have been bid up, somewhat in anticipation that “Street estimates” may be too low. The tech sector still appears expensive, especially to analysts that believe tech shares cannot sustain a rally until the next “wave of demand” is sighted. While analysts scan the horizon hoping to spot this wave, tech shares trade up in anticipation, supported by the increased possibility that earnings will recover without a big demand catalyst. Stocks ultimately trade on earnings growth, and investors reward companies that grow earnings faster than revenues because of increasing efficiencies. This is the historic behavior of markets. History also shows that forecasting inflection points in demand is extremely hard to do, and usually stocks have moved in advance. Stocks do not always move in tandem with the fundamentals, which is a source of constant discomfort for fundamental analysts. In the confusion, investors will continue to ponder the question, “What kind of exuberance is this?”. ebnews.com