Intel is not a bellwether for software and networking. Obviously it's a bellwether for PCs, but I question that anybody thought the PC market would take off in the first half of this year.
I'm puzzled that people are that negative [about Intel].
War does not present a backdrop in which people follow their expectations of the future as if there wasn't a war. It's uncertainty that's unnerving investors.
They have absolutely no idea why they buy and sell stocks. They read headlines and they watch price changes.
Reacting to three-year old news.
Oracle is not the canary in the mineshaft, although some people think it might be. Oracle is not likely to be a positive catalyst. I'd be surprised if we didn't see a penny of upside on earnings. But they're going to achieve it because their costs were lower, not because their revenues were materially higher.
Many investors are fearful that oracle will acquire this that and the other thing. But my contention is they need to. The software industry is plagued by having too many companies. There are far too many duck hunters for the number of ducks out there.
I don't think investors really appreciate the economies of scale inherent in enterprise software, especially now since it's a much slower growth business. The industry needs to consolidate.
It's fair to say that we're seeing an improvement after a soft patch when a lot of companies were missing numbers in April. There were very few tech companies that missed in July.
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