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To: Tech Watcher who wrote (13855)	7/24/1998 12:05:00 AM
From: Grand Poobah	Read Replies (1) \| Respond to of 25814

SEMI just announced .74 recently for industry-wide. Pretty sure this (finally) indicates a bottom. I'm not sure how you figure that. It would seem to me that a book-to-bill of <1.0 would indicate that things are still getting worse. Unless you mean that the book-to-bill can't get much worse. But what we are really interested in is revenues, not ratios, and the ratio indicates that revenues are still headed further down. Regards, G.P.

To: Tech Watcher who wrote (13855)	7/24/1998 12:18:00 AM
From: Hightechhooper	Read Replies (1) \| Respond to of 25814

Well, as I said earlier I think they really did an excellent presentation this time around. They deserve high marks in that area. Unfortunately, the near term does not look nearly as good as projected 3 months ago. Q4 will be just too scarey for people to get out in front of IMO. I expect Q3 estimates to fall to the 22 cent range and Q4 fall to 18-20 cents. The fact that they are bringing that fab online in q4 with no visibility into revenues is not good. That issue was the one that seemed most important to the analysts. There is no telling if the short term bad news is in the price already. The only reason anyone would recommend this now if from a valuation perspective and that is a tough sell with the whole industry out of favor. Regardless of where it trades tomorrow, it is definately going to settle in a range until the special symbios conference (I love that idea and it shows they have been listening and they now realize that no one understands why they did that deal and they need to invest some time educating) which will move it up a little then a new trading range until gresham's capacity is more fully absorbed. It is likely 6-9 months from getting into a faster uptrend. Looks like I'll be writing a lot more calls in the next 6 months

To: Tech Watcher who wrote (13855)	7/24/1998 12:22:00 AM
From: DavidG	Read Replies (1) \| Respond to of 25814

To all: Finally heard the cc and as has been reported already...it appears to be positive...but then did we expect any different...well some did.<G> Anyway It was curious that Eraiba, I think her name was, kept asking about the Sony playstation. The question was asked in some form by others but persistently by her. Wilf indicated that 11% of revenue is by Sony which is down from 16%. As it turns out the reduction is due to the reduction in the yen and the rest by the final pricing from a mature chip and the agreement of the lower prices for the chips after a 2 year product. Also there was the confusion about Sony vs playstation and as it turns out the playstation is less than 11% b/c there are other products made for Sony unrelated to the playstation. So LSI is becoming less dependent on the Playstation and maybe for good reason, so if they lose the next generation Playstation II business it would not have a great impact...but this is just my opinion. Even Kurlak was concerned about the Sony business. But my impression of him was he was like a lawyer leading his client. He asked leading questions that I felt he knew the answers to. He wanted to know what replaced the Sony business and the answer obviously was Telecom products (which was the basis for his June upgrade).<g> I would expect some more kind words from him shortly. Now I did have a noisy line so if anybody disagrees with anything I have to say then it is b/c I could not hear too well.:-) Good Luck DavidG

To: Tech Watcher who wrote (13855)	7/24/1998 12:44:00 PM
From: Tony Viola	Respond to of 25814

Tech Watcher, Re: "Good point about the book to bill. SEMI just announced .74 recently for industry-wide." I don't know if someone else down the line here has pointed it out, but SEMI comes out with the semiconductor equipment manufacturers' book to bill ratio, not the semiconductor manifacturers' B to B. In fact, the latter doesn't exist anymore, or at least as it used to. The semi equip B to B is way out of phase with the semi industry business, and, IMO can't be used to analyze the health of the LSI's, INTC's, etc., except in a very general sense. Question about Symbios for anyone: if their results are not accretive to LSI's, say, in 1H99, or something, where do they go? Tony