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To: TREND1 who wrote (40132)	10/18/1998 10:53:00 PM
From: Dave Gahm	Read Replies (1) \| Respond to of 53903

Larry, The market does always discount the future based on what is currently known and could care little about the past. The 8KA contains some new info for the market to digest. My point is that the market has already factored in a very uncertain rosy future that is 1-2 years out, while not being aware of the level of pain and losses that it will take to get there. Until MU completes the upgrades, the acquired fabs will continue to rack up losses much higher than Boise. The current consensus for 99 earnings definitely does not reflect this. The analysts who follow MU are not exactly famous for independent thought, so I suppose the market will not become aware of this until MU reports 1st quarter losses....unless maybe TK reads SEC filings <g>. Regards, Dave

To: TREND1 who wrote (40132)	10/19/1998 12:11:00 AM
From: Skeeter Bug	Respond to of 53903

>>Even our Mr. Skeeter has learned that !!!<< larry, you don't comprehend, do you. there are many logical links between the past and the future. the past is only used inasmuch as it can help gauge the future. the future includes mu + txn. can some inferences be made about the future knowing txn's relative past? yes. are they locked in stone? no. nobody KNOWS the future. the bottom line is that the past shows txn is way behind mu regarding profitability. the only way mu can bring them in line and increase their own effectiveness is to drastically ramp supply. the only thing worse than a paradigm etched in stone is a wrong paradigm etched in stone ;-)