At some point, you have to have a level of absorption.

Investors have been looking for excuses to say the chip cycle is over, ... But I'd guess that things don't plateau until mid 2005.

You are entering a seasonally softer period, so you don't want to have inventory at a worse level in December than where you were exiting the September quarter,

I think the real key is absorption.

She went through a chronology, point by point by point,

At a certain point, you can't tax people beyond a certain level.