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

To: Gary Hoyer who wrote (12731)	1/16/1998 12:57:00 PM
From: Czechsinthemail	Read Replies (1) \| Respond to of 25960

Gary, I agree with your view that the market is ready for a relief rally in Cymer. Without announcement to the contrary, I'm assuming growth is continuing with the chief uncertainty whether new orders are coming in at a modest or a faster rate. Regarding Japanese spending, I think in the current climate you are likely to see a differentiation between expenditures that increase chip yields, performance and profitability and those that are simply geared toward more chips. The latter are more likely to be shelved. But the Japanese in particular are likely to be very sensitive to the possibility of gaining or losing market share around the growing emergence of 0.25 and smaller chip designs. As with the Koreans and others, I think they will have to bite the bullet and invest at least enough to develop their DUV processes and perhaps enough to develop major DUV-based operations. Since the Japanese have an incredibly low cost of capital, I agree that capital should not be a big problem for them. Baird