One can paint a dire scenario at one end of the spectrum, with consumers and corporations pulling in their horns, the U.S. economy going into recession, international economies following … recovery pushing out to 2003,...

As we’ve caught ourselves saying of Intel several times recently: it could have been worse.

Following the events of Sept. 11, it seems likely that the PC demand recovery will be postponed and the near-term impact of Windows XP diluted.

Recent labor statistics were already a concern, and another down-leg in consumer confidence seems likely.

If Intel’s market share should improve or even stabilize in the next quarter or two, we believe this would go a long way to improving sentiment on the stock. Granted, this pressures Intel’s margins, but...