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To: Zeev Hed who wrote (17904)	5/30/1998 2:21:00 PM
From: TI2, TechInvestorToo	Read Replies (1) \| Respond to of 25960

I agree that intel delays can (and usually are) market driven. Its amazing how competition eventually creeps up on Intel and then all of a sudden, intel drops prices on the current product and magically has some new hot (expensive) product to introduce. Almost as if they had it on the shelf. TI2

To: Zeev Hed who wrote (17904)	5/30/1998 3:07:00 PM
From: pat mudge	Respond to of 25960

Intel is expected to spend $4.5 billion instead of the previously announced $5.3 billion, affecting 0.25-micron capacity, FitzGerald said. "There is evidence that they'll be back in the fourth quarter, and some of the spending will be focused on their 0.18-micron process." Motorola reduced its 1998 budget from $2.5 billion to $2 billion, while TI cut its planned expenditures by $500 million, to $1.2 billion. While cuts in semiconductor capital spending will make some dents in the excess supply, many semiconductor manufacturers, especially DRAM vendors, are accelerating linewidth shrinks, which produce more die from the wafer, yielding additional capacity. [Exactly what Angus said at annual meeting.] "That's one of the biggest issues Intel's grappling with," FitzGerald said. "Moving to 0.18-micron is great for performance, but throws more units into the pie." While cutbacks in capital spending are painful for equipment makers, any short-term discomfort is laying the foundation for the renewel of long-term strength, according to Tia-min Pang, an analyst at Cowen & Co. Inc., San Francisco. This will help bring supply and demand into better balance between the fourth quarter of 1998 and the first quarter of 1999, Pang said. As someone recently said, "More time to accumulate stock at sane prices," or something to that effect. Pat