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New IPO today (11/25/97), priced $8-10, came in at $8. AMCC designs/fabricate high speed silicon ICs for the communications, ATE, computing and other applications. It is very similar to Vitesse Semiconductor (VTSS), but uses silicon not GaAs. VTSS sells at 50 times earnings, AMCC has been offered at a large discount to this. AMCC has been around for sometime, struggling in the military IC business, but business has taken off with the need for higher speed communications and ATE capabilities.
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