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To: John Graybill who wrote (42246)	1/14/1999 5:35:00 PM
From: Carl Held	Read Replies (3) \| Respond to of 53903

Joe Kernan report.......will effect semiconductors Joe (CNBC) reported that Rambus (RMBS) reported earnings and issued a warning, warning: Earnings for the next 2 to 3 quarters will be flat. After hours trading: closed @ 98, trading down 22 @ 76. Intel and Advanced Micro both stated that capital expenditures will be lowered in 99. Advanced Micro earnings down, Motorola earnings down close to 60%. Intel also said that revenues next quarter will be lower than the 4th. The point: The truth is coming out, everything that all these analysts have stated have been overly speculated, causing overvaluations in the semiconductor sector. They were saying that the industry will be booming into the first quarter, companies will increase capital expenditures, on & on. The truth is that this sector is overvalued and should pull back, just watch how Rambus will effect the sector tomorrow. I gotta admit that the analysts did a great hype job, but that only lasts a short period before the real numbers call their bluff.