If you're president of Texas Instruments and you go into your board of directors and say, 'Next year, we're just going to keep our market share,' you're out, you're fired. Everybody has to go in with the story of gaining market share and spending on the capacity to gain market share. Of course, it all just doesn't add up.

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We believe the industry is maturing.

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The chipmakers are always the last guys to find out that there is excess inventory. The inventory situation has really kind of shown itself recently so it is something that we're identifying right now.

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