People were so pessimistic about the PC market and semiconductors going into 2005 but it's not as bad as people were expecting. That's showing in Intel's numbers.

The consumer market will be the driver of earnings growth.

If end demand for PCs is not there, inventory would be a concern.

This is material. From what we're seeing, earnings estimates should probably go up for the fourth quarter, and 2005 numbers might come up as well.

I would say at this time that it's more of an Intel specific issue.

Overall, demand seems to be behaving seasonally. It's not strong out there but it's not as bad as the market seems to indicate.

I still think that inventory is high and we'll continue to see how they will monitor working that off. But Intel is trying to bring costs down. If end demand continues to hold up and inventory comes down, that will bode well for the company.