It's not out of the realm of possibility that the second-quarter numbers could be strong enough to support the stock at a higher valuation, ... If you keep raising estimates, you probably could keep expanding the multiple.

Nobody who owns the stock for a long-term investment is going to sell over a $60 million miss

Chip companies are getting ready for stronger demand in the back half of the year. There's a big difference between building a safety margin and overbuilding, ... People have been pessimistic, but we continue to get fairly firm fundamentals about the environment for PCs and semiconductors overall.

In our view, these proceedings could drag on for many quarters.

We're going to need to see follow-through from Intel. Good news from Intel could set a tone and start to give those that were most fearful about the outlook for chip stocks less reason to be concerned.

The finality of the inventory correction is not only great for Intel but the entire semiconductor market. Investors had been assuming that the first quarter would be the bottom but it's nice to see real evidence of it.