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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: Jess Beltz who wrote (8843)	11/10/1997 10:18:00 AM
From: Maxwell	Read Replies (1) \| Respond to of 25960

Jess Beltz: You are correct. CYMI's sales is tied up to the ability of the "Big 4" to make new steppers and scanners. It will always be that way unless there ia another application for the DUV laser. 1) All the i-line steppers are completely incompatible with the excimer steppers and scanners. You can't retrofit an i-line to an excimer due to the hardware issues. Plus no one is willing to do it because the stages for stepping and alignment of the new stepper/scanner is much better. 2) Usually stepper/scanner makers can't make tools that last more than one generation of process technology. As you go down in dimension the precision and optics of the tool have to be improved. By then they will think of better ways to make stepper/scanner more precise and faster. Thus older tools will be obsolete. For example, I am quite sure that the 193nm stepper/scanner will not be compatible with the 248nm tools. The 193nm will have different optics and the stage will be much more precise. Who knows, the 193nm steppers/scanners standard maybe a 12 inch wafer platform. 3) It looks like chip makers will continue to buy new steppers/scanners as they migrate to lower geometry and they can't squeeze anymore shrinkage in their existing tools such as using phase shift mask. Maxwell

To: Jess Beltz who wrote (8843)	11/10/1997 11:05:00 AM
From: Hollywood	Read Replies (1) \| Respond to of 25960

Jess, I believe that if you refer back to the following post by Rustam Tahir you'll find that this is them main issue presented in the Morgan Stanley update of 10/24. techstocks.com Some excerpts: --However, we believe Cymer, through no fault of its own, is susceptible to further push outs and potentially lower sequential growth over the next few quarters. We believe this could result in a declining sequential quarterly shipment scenario before the company once again begins a likely multi-year growth path. ...However, we believe circumstances beyond the company's control could create a situation in which it would have to react by slowing its quarterly shipment rate. This, in turn, could create a short-term quarterly earnings decline. ...In light of these aggressive internal forecasts, we are concerned that some suppliers may be purchasing lasers in anticipation of higher than possible shipment levels over the next five quarters. Hollywood