I think for a while now people have been scared to be out of TMT the commonly used acronym for technology-media-telecom stocks, which have tended to rise in tandem recently and the feeling has really been you have to be there...but now we're getting a dose of reality.

For quite some time, I have wanted to live on the central coast of California and get more involved at Cal Poly, my alma mater; spend more time with my wife and sons; travel to interesting parts of the world; and something I have wanted to do for years-- finish the requirements for my pilot's license.

We generated $13.5 billion in cash flow from operations and returned almost $21 billion in cash to shareholders through dividends and share repurchases during the March quarter. That brings cumulative payments under our capital return program to $66 billion.

All eyes are on the chip sector for any signs of recovery but there is no positive news coming through,

If you look outside the international countries, such as Italy and Spain, China and Korea, market share is much less than in the UK, Japan, Canada, and Australia. We are focused on increasing that share by increasing our local advertising and points of distribution.

Each point of market share means $2 billion in top-line revenue.

As we anticipated, this pause was even more evident in the March quarter. Our sales teams were not discouraged from telling customers to wait for Intel-based Macs if that was the best thing for the customer.

You've seen a big rotation over the last two or three days out of the 'new economy' toward the old, and it really continues the scene that we saw yesterday with the Nasdaq falling and the Dow rising quite sharply,

The trend will continue until we come through the second-quarter (earnings) season and then we can see how bad it is, but investors are not coming back to those (tech) sectors.

We did see what we think was a bit of a pause from some customers associated with the Intel transition.