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To: Tony Viola who wrote (161455)	3/7/2002 6:00:38 PM
From: Tony Viola	Respond to of 186894

Q&A Q on desktop pricing. Andy wouldn't comment. Same guy: what are reasons for margins above midpoint? 3 reasons given: 1. revs running higher than forecast before. This helps GMs. 2. MFG costs better 3. Enterprise sales better Q on comm. Weak, look at cell phone sales. Same type of loss as last Q? Andy couldn't comment. Q on inventory. - was low last Q, how about now? Andy said supply-demand has come into balance. Still needs more inventory than he has, however. Q on networking products. Comm still weak. Q from Osha: - OEM inventory. Andy says no excess at distributors or OEMs, that he can see. - How is transition to Northwood? Fine. Benefits happening as expected. Q on DRAM pricing affecting PC demand. Andy - no effect he knows about. Lost connection. Back. Heard him say server business coming back faster than expected. Dan Niles: seasonality in Q1, how about Q2, bookings or backlogs show any seasonality or not for Q2? - can't comment yet, but seasonality looks like all you can say. Nothing to indicate any uptick. Normal seasonality is all there is. Q on servers again: gaining share? - can't say, Paul O. will at the analysts' meeting. Reception broke up, couldn't hear rest. Q on seasonality again. If servers are better than expected, are desktops worse than expected? - No. There is enough of a range in there for desktop to be on target. Don't want to give indication of desktop being low. Also, servers are relatively small. Q on pricing and competition, as expected? - No surprises. Intel is still driving and competitors have to keep up with them. Q on P4 Mobile, any impact this Q? - some this Q, but moreimpact next quarter. Establishes a better differentiator between Intel and competition. Best news is it's ON SCHEDULE. Q on whether items helping margins are sustainable or not? - heard Andy saying cost saving measures with headcount, etc., were still helping but lost connection again. That's it.

To: Tony Viola who wrote (161455)	3/7/2002 6:05:23 PM
From: wanna_bmw	Read Replies (1) \| Respond to of 186894

Tony, thanks for the recap. There were just a few extra points I wanted to bring up from the Q&A session. The first is that Intel sees manufacturing exceeding expectations, which has made a benefit to GMs (I would assume this means better than expected yields). He did say that the benefits were operational in nature, and they were sustainable over time. Secondly, Bryant sees growth in the server market, primarily in the high ASP segments (large cache Xeons). This should be very good news, as this benefits GMs as well. Lastly, Bryant said something interesting about the buying patterns of companies after a recession. He said with last year's buying environment so far south, many businesses have put off upgrading until now, since the much better price/performance of these products as opposed to last year's tends to "resonate" better with the buyer. I hope this logic follows into other PC markets. wbmw