We admit to some difficulty in seeing what supports consensus earnings estimates.

I don't think I've ever seen competitive momentum shift like this, so congratulations.

It is very hard to find any evidence of a real end to the upturn that began in late 1998. Although we see little to support semiconductor stock prices during the next two months, we strongly believe that the sector will be hitting new highs before the end of the year.

In posting the weakest Q4 revenue result and Q1 outlook since the bursting of the bubble, Intel has made it clear how much competitive ground the company has lost to AMD. The extent of the losses has exceeded our expectations.

We'd love to tell investors that we anticipated Intel's problems, but we did not.

I'd be a lot more comfortable with the group at 20 times [2003 earnings].