We believe the semiconductor inventory correction is far from over.

Lingering concerns about an inventory correction simply have not been borne out.

We believe both revenue growth and margins are within the range of guidance given in the third-quarter earnings release and feel comfortable with our estimates for the fourth quarter.

We believe PC demand in the last two weeks of December was terrible, leading to lower expectations for 2001.

We believe that since Intel's pre-announcement in early December that consumer and commercial demand has continued to get worse with commercial showing the most disturbing trends. In addition, we believe that servers, which had actually been on track for part of the quarter, saw some softening that we believe is related to corporate IT budget stretch outs.

We continue to believe this is a second half story, but need to see revenue growth return year-over-year given this is the third-quarter in a row of revenue estimate reductions.