Intel Corp (INTC)

[Elmer Phud]

Dew -

Are we looking at the same numbers? What I see is that 2001 and 2002 had the lowest gross margins since 1989. Moreover, the average of the 2001 and 2002 margins – 49.5% -- was 1,080 basis points below the 60.3% level attained as recently as 1997

You're comparing the current margin with the greatest boom in semi history. 49% gross margins look outstanding compared to the 31% in 1986, the last major semi bottom. Try puting things in perspective.

EP