We are now at the end of the second year of an up cycle and there is despondency regarding the future, as the fourth quarter of 2000 was weak relative to the preceding quarter.

This is the second game of the year. We have plenty to go. I am not upset. I am not concerned.

We met regarding his comments last year,

It looks like Microsoft missed the major upgrade cycle from 2004 to early this year. Windows Vista would have been a much better story in 2005 than in 2006, or, realistically, 2007.

To focus solely on endings is to trade conclusions for the very beginnings that created them. And if this cycle should persist, we will likewise miss the beginning that will follow this ending.

The silicon cycle has been in a downtrend since late last year,