Joe Osha
Joe Osha
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We've seen investment in capacity go up quite a bit and we had a scare this summer with wireless. So you can make a case that the business is in trouble. We try to focus on slightly longer-term fundamentals. The relationship between spending and revenue in this business is still reasonable. Visibility is still good. Pricing is good. Let's not forget, wireless handset demand is growing 50 percent over year-on-year. So with stocks down a bit and the fundamentals still solid, we though it was time to declare the mid-cycle correction over.
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We believe that Intel will be forced to respond competitively to AMD in the coming year, which may put more pressure on Intel's pricing than we had expected.
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We wrote last November that Sony's design choices for the PS3 had resulted in an expensive and difficult-to-manufacture product, and we think that we're seeing the consequences of those choices play out now.
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Texas Instruments' decision to buy analog specialist Burr-Brown fits well with the company's stated objective of building its presence in the analog business. Despite the somewhat rich valuation for the deal, we think that the deal makes sense for TI. We reiterate our intermediate-term and long-term buy ratings for the stock.
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We believe that Intel had largely completed shipping its quarter prior to Sept. 11.