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To: Tony Viola who wrote (81277)	5/20/1999 8:12:00 PM
From: Process Boy	Read Replies (1) \| Respond to of 186894

Tony - Thanks for the SHM summary. PB2.

To: Tony Viola who wrote (81277)	5/20/1999 11:04:00 PM
From: Paul Engel	Read Replies (1) \| Respond to of 186894

Tony - Re: "Paul, I tried to ferret the SA-1110 SOAC out of my notes to ask you about it at the lunch, but couldn't find it then. What is it? Timna???" No. The SA1110 is a 1 1/2 generation StrongARM CPU that I believe was already in design when Intel acquired DEC. It has some updated features from the original StrongARM SA1100 and should run at 133 to 206 MHz - on the old DEC process. The part should sample by next month. Note - this differs from the true Second Generation StrongARM CPUs that are just being designed now and will be manufactured next year on Intel's 0.18 micron process. Timna is an integrated x86 CPU - supposedly a one-chip version with CPU, Chip sets & graphics on one piece of silicon. Design of this chip is being done in Israel. Paul

To: Tony Viola who wrote (81277)	5/21/1999 12:13:00 PM
From: Harry Landsiedel	Read Replies (3) \| Respond to of 186894

Tony Viola. Re: Ann. Meeting. Thanx for posting your notes. Also thanx for posting the NYTimes article. All most informative. Here is a recent write-up on Intc from Bear Stearns, focusing on the implications of intc's hi-end chips. Things Are Looking Up; Maintain Buy ----------------------------------------------------------------- * Key Points: While the formation of the Intel 64 Fund, a venture capital fund to invest in technology companies focused on software development for the IA-64 (Intel Architecture 64), has little short-term impact, it highlights an important shift that we believe will take place in investor perception towards the significant and positive implications of the entry into the high- end, i.e., 64-bit, market. Specifically, a great deal of attention is focused on the implications of Intel's low-end. To us, the larger story over the next few years is the implications of Intel's introduction of a 64-bit product family, starting with "Merced" (the code name) in mid-2000 and "McKinley" in 2001 (followed by "Madison" and "Deerfield.") Intel said it formed a $250 million fund with leading technology companies (Compaq, Dell, Hewlett-Packard, NEC and SGI) and venture capitalists with a focus on "technology first, return on investment second." The lead investors were focused on companies that were not in the operating system business (i.e., Microsoft, IBM) to maintain objectivity. * Quantifying The High End. While this approach is a rough estimate, we believe we have the right order of magnitude: we believe that the incremental impact of Intel's entry into the 64- bit market could be significantly incremental and profitable. Today, Intel has a microprocessor business which was around $21- $22 billion in 1998 with average selling prices of around $220- $230. The high-end of the computer market, which Intel will target with IA-64, could be as large as its existing market with selling prices in the $800-$3,000 range. Our projection is based on the size of the high end, which could be a $120 billion equipment market of which we would estimate that the microprocessor content could be in the $20-$30 billion range (which is a speculative numbers since most high-end vendors such as IBM or H-P do not sell their chips on the merchant market). *** No Change In Outlook. As to the outlook, no change in our estimates of $2.25 for 1999 and $2.55 for 2000. The stock remains a Buy. BEAR, STEARNS & CO. INC. EQUITY RESEARCH HL