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Technology Stocks : Helix Technology, a cold play on semiconductor equipment -- Ignore unavailable to you. Want to Upgrade?

To: mopgcw who wrote (1143)	4/19/2004 9:42:51 AM
From: robert b furman	Respond to of 1227

Hi mop, This goes along with Amat's analyst assessment.During their presentation ,they indicated the buildout of Dram was just concluding.The current buildout is now in flash with logi being the latter buildout - still yet to be anticipated. As Amat's Bronson said - We're just beginning the cycle. Bob

To: mopgcw who wrote (1143)	5/5/2004 7:56:47 PM
From: mopgcw	Read Replies (1) \| Respond to of 1227

GS US SEMI EQUIP WEEKLY: CAPITAL EFFICIENCY, SHORT INTEREST AND ENTG AS A HEDGE Summary: (1) We examine the impact of the foundry model and 300mm on the semi equipment cycle. Along with the lack of new entrants in the semi industry, we conclude that foundries and partnerships driven by 300mm are leading to more efficient capital spending in this cycle. We believe that investors who argue that 2005 must be a good year in semi capex because 2004 capex as a percent of revenue is at low levels should reexamine this view in light of our analysis. (2) Short interest levels in most of the semi equipment stocks are still meaningfully below peak cycle short levels. We therefore believe that shorts could continue to pressure the stocks unless/until fundamental reacceleration becomes apparent in H2'04. (3) We believe that ENTG (along with FORM and ATMI) is an interesting long idea for small cap investors who must maintain some exposure to the group or as a hedge for investors with a more cautious stock stance and (4) News, events and price performance.