Intel Corp (INTC)

[Elmer Phud]

a "constraint" is usually a problem that limits you from achieving an objective. The statement: "constrained by normal yields", means to me that yields are not high enough to achieve AMD's objective. Their objective I believe is to provide CPU in volume and make a profit.

Considering that AMD's fab is capable of upwards of 15 million die per quarter based on the Athlon die size and their claim of "Best Yields in the World", and Clawhammer is certainly no larger, one finds it very hard to understand how AMD ships only a fraction of that number yet still uses the word "constrained" when discussing yields. It implies that yields are constraining their output to about 50% of what it should be. If demand was the constraint then no matter how poor, yields wouldn't be. I think AMD's own words concede major yield problems.

EP