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To: Justa Werkenstiff who wrote (3945)	12/18/1997 1:22:00 PM
From: Ian@SI	Read Replies (1) \| Respond to of 10921

Justa, Bob, Thanks for the summaries. I was wondering if negative statements had been made as both LRCX and AMAT went up while SFAM was down. Obviously, that speculation is unfounded. Teri, In your note, you stated the belief that overcapacity is such that CapEX will be constrained. Do you have a definitive source which leads to that conclusion? References I've seen indicate it's only "brown banana" capacity that is in excess; leading edge capability is fully utilized with demand for more. Agreed that there's market risk in today's prices (or at least some of them). I'd probably be more risk averse if I was facing an imminent Harvard tuition. Ian.

To: Justa Werkenstiff who wrote (3945)	12/18/1997 3:04:00 PM
From: Proud_Infidel	Read Replies (2) \| Respond to of 10921

MOUNTAIN VIEW, Calif., December 18, 1997 -- The North American semiconductor equipment industry posted a book-to-bill ratio of 0.99 for November 1997, it was reported by Semiconductor Equipment and Materials International (SEMI). This is the ninth-straight month orders and shipments have advanced. A book-to-bill of 0.99 means $99 in orders were received for each $100 worth of products shipped. Three-month average shipments increased in November 1997 to $1.9 billion. The figure is nine percent above the October 1997 level and 80 percent above the November 1996. Three-month average bookings increased in November 1997 to $1.9 billion. The bookings figure increased five percent above the October 1997 level and is 98 percent above the November 1996 level. "This is the ninth straight month shipments and bookings have increased," said Dick Greene, principal analyst for SEMI."In November, the orders were the highest they have been for 1997. The reason the ratio is lower is because the shipments grew at a faster rate than did the orders. This is why it is important to analyze the "numbers behind the numbers." Even with the current environment of DRAM pricing pressures and the financial concerns in the Pacific Rim, the industry continues to grow at a healthy level."