I still think that inventory is high and we’ll continue to see how they will monitor working that off. But Intel is trying to bring costs down. If end demand continues to hold up and...

People were so pessimistic about the PC market and semiconductors going into 2005 but it’s not as bad as people were expecting. That’s showing in Intel’s numbers,

It’s unbelievable. Maybe I could rebuild, but what if no one is coming back? What would be the point?

This is material. From what we’re seeing, earnings estimates should probably go up for the fourth quarter, and 2005 numbers might come up as well.

Overall, demand seems to be behaving seasonally. It’s not strong out there but it’s not as bad as the market seems to indicate,

The consumer market will be the driver of earnings growth.

If end demand for PCs is not there, inventory would be a concern.

I would say at this time that it’s more of an Intel specific issue.