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To: Jules B. Garfunkel who wrote (824)	1/14/1998 12:35:00 PM
From: John Carragher	Read Replies (1) \| Respond to of 990

Jules great to hear from you. thanks for your outlook John

To: Jules B. Garfunkel who wrote (824)	1/14/1998 4:36:00 PM
From: Barry Grossman	Read Replies (1) \| Respond to of 990

Hi Jules, I've missed your calm reasoned analysis and I am happy to see your post today. Which calls did you like today? It appears analyst's egos are more important to them than reality. It's a good thing that reality has a way of intruding on perceptions after a while. It was indeed good news about Europe and China and about the fast ramp of the PII. I suspect that 1Q98 earnings will surprise on the upside too as these same analysts seem to think that the margins will be 55% in this quarter. I read it as all of 1998 and I also notice that they said plus or minus a few points so that doesn't preclude all of 1998 coming in at 57%. With a fast ramp of the PII, the real story will be the total profit dollars anyway, not the margin percentage. With mpu unit sales forecast to grow at 17% or so, this bodes well for the 1998 numbers. Also, the BTO inventory adjustment is probably over now too. Barry

To: Jules B. Garfunkel who wrote (824)	1/14/1998 7:17:00 PM
From: Fred Fahmy	Respond to of 990

Jules, Your observations are exactly why I disply such disdain towards most <GG> analysts. Absolutely ridiculous. How can Niles say the 55% margin guidance was a "shock"? Absurd. Hasn't he been listening to the guidance for the last 5 quarters?? I view the earnings report and guidance and long term prospects as positive. Headline's like "Intel Beats Estimates Sightly" were simply poor reporting. Fortunately, the analysts have no control over long term financial performance which will determine the value of INTC down the road. Once again, Intel turned in a solid performance within the guidlines they provided earlier. Good to hear from you again, FF