We believe that the PC environment hasn't improved, and visibility still remains quite poor, ... We expect this trend to continue through the first half of 2001. As a result, we expect pricing pressure to continue between Intel and AMD through Labor Day, as weak end demand and inventory overhang continue to push both companies down the slippery slope of pricing as the only means of leverage.

225

We are not changing our estimates today, but do expect to have to lower them again after the call -- both for the second and third quarter. Aggressive pricing and weak demand should mean mid-40 percent gross margins by the third quarter.

206

Channel checks reveal PC pricing pressures continue to ratchet up, with no indications of easing until mid-2001, ... We also believe that notebook demand, one of Intel's strongest drivers, has slowed, leaving Intel with less cushion relative to its overall exposure to the PC industry.

193

Though painful, Intel has completed a difficult 1999 transition year, and is now poised to demonstrate both its technology and manufacturing prowess - traits that enabled Intel's stock to double in prior cycles.

186

However, we believe a bright spot for (Silicon Image) was its exposure to the consumer Japanese market, which was a pocket of strength, and has provided some cushion to the overall softened demand.

177

It appears AMD has engaged in a price war, where it is essentially bidding against itself.

175

Going into Intel's third-quarter earnings report, we are becoming more cautious about how Intel is going to address some lingering issues.

163

We were previously looking for revenue of $16.1 million and earnings per share of one cent. Weak demand for PCs and flat-panel displays were cited as the culprits.

129