I think the reason that the stock is up today is because people are beginning to believe that the K6 [chip] is a reality.

After a disappointing three-year downturn, we are at the beginning of a substantial semiconductor industry up-cycle, in our view. As the use of semiconductors is shifting from PC-centric products to Internet infrastructure and wireless communications such as cellular phones, the industry is enjoying a communications driven boom.

We expect this strong outlook to be reiterated during second-quarter conference calls. We expect companies to discuss a very strong outlook for second-half of 2000 and 2001.

Micron's earnings per share did benefit by 5 cents from a one-time refinancing of a joint venture arrangement. Even excluding this one-time gain, results were outstanding. Sales were $1.79 billion, compared with sales of $864 million a year ago.

Given that less than one million of these motherboards have been shipped, we do not foresee the reserve being above a few hundred million. The timing of the reserve will match when the shipments were made, resulting in a restatement of first quarter 2000 results.

Given the very robust environment of demand and Intel's new product lineup, we had surmised that there might have been upside. As it turned out, there was indeed more demand in the first quarter, but Intel could not meet it.