Monday, July 25, 2005 4:06:30 PM
I'm amazed at how blase some AMD investors are about that question and how wide the scope of possible answers.
It is probable that it will not be ready for IPO in 4Q, and possibly not even 1Q 06. It is possible that it will never be ready for IPO.
Of all the possibilities I think another Ruiz U-turn is the most probable. He will redfine what he means by Spansion being "independent" and "having access to capital markets" and will hope that growth in the CPU business and the start of production from the new fab will deflect the criticism of his decision (a) to sell Spansion below cost in a private deal or (b) keep it but run it down.
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