Advanced Micro Devices Inc (AMD)

[smooth2o]

Intel is indicating that there probably won't be an "upgrade cycle". PC's will be replaced to some extent, but they are expecting <15% growth. Two reasons: one is that the older 500MHz is good enuf, and the other that business is learned how to do with less, and will not rehire many of the jobs that existed. If this happens, I would expects these two companies to see more of a real earnings-based valuation.

Smooth