That's the biggest uncertainty about HP. You have this big chunk of people leaving, so the question is, will that affect morale, and how is it going to affect this quarter and the next? They have a lot of uncertainties away from the PC business.

Intel is not going to just surrender the server market. We have seen that several times before. (AMD) starts executing, makes a lot of money and then, boom -- Intel reacts.

I think the market overreacted. The case for Motorola is still very strong. The cellular business is at the beginning of a new cycle for Motorola, the semi-conductor business is at the beginning of a new cycle.

It would have been a great quarter if we didn't have the guidance for Q2. Guidance for the next quarter was somewhat less than people hoped for. They were hoping the second quarter would be in line with the balance of the year.

The PC business is the least of their problems. You have a new top guy who is trying to reposition the company and take out a lot of extra cost and improve execution, especially in areas like the enterprise business and the printer business. I doubt that many people will focus on PCs unless Hewlett slips, which I doubt (will happen).

It's really a turnaround quarter. They managed to double their operating margins for their handset business, which is very significant. That's what really depressed their stock the previous quarter. They also improved margins in semiconductors.

It's virtually impossible to topple Intel. Every time someone arrives with a new product, Intel raises the bar. Everyone is vying for a crumb out of Intel's pie. If they all get just a few crumbs they'll be very happy.