Advanced Micro Devices Inc (AMD)

[kpf]

rupert

I do not have any doubt at all Intel indeed gains Flash-mss this quarter. Andy said clearly that most of the upside-surprise comes from Flash. Which implies a lot:

1. We talk about a nine digit figure in Dollars.
2. We talk about at least +25% Flash-revenues QoQ.
3. I cannot neither imagine 25% capacity expansions QoQ nor significant price increases.
4. ==> Intel is selling its Flash-inventories off this Q.
Andy said inventories would be apprx. flat QoQ
5. Flash inventories down means CPU inventories up then.

On the FASL side, I dont see significant inventories to be sold this quarter. And I dont see a capacity expansion of 25% either.

In essence: Intel gained share. Not for long, though.
But they manage to make it looking good this quarter.

K.

p.s: Dont confuse "Media-Analysts" with Analysts. Listening to the Q&A my impression was that couple of them have a firm grip on what is going on, just from the way they asked into this.