Advanced Micro Devices Inc (AMD)

[buck wheat]

[RE: Except that AMD may have to devote all of the free cash to cap-ex.]

This is the most likely scenario, Joe, and I should have pointed that out. But cash or profits for CAPEX is good too in that it reduces the ratio of debt to assets and enhances the company's worth. It will likely be years before AMD can think about reducing LT debt (in real terms) or reducing outstanding stock.

Buck