The first quarter was a little better than I was expecting. The second-quarter (estimate) was worse than I modeled. We're in for a rough quarter with Intel.

If I'm one of the investors that got in early, I'm going to take some off the table, ... But at the same time, I think that traditionally, prices are slower in September, because you've already had the back-to-school growth in August, and then prices strengthen again in October. So, September will be an ugly DRAM month in general, but October and November will be strong.

Inventories were getting burned down heavily in January and February and that should continue into March. Chip shipments should be reflecting true demand in the second quarter.

Intel has been struggling to find a way out of PCs for the last six or seven years. I never dreamed they'd drop 'Intel Inside.' Their marketing has been exceptionally successful.

Intel's costs are largely fixed, and we believe pricing cuts will eat away at margins.

In 2000 flash was a huge contributor to AMD's earnings, ... In 2003 it was a contributor as well, but if pricing continues, it will be a drag for the company, and there are no natural buyers of the AMD flash business.

The revenue number was lighter than expected. Excluding other operating income, and most of that was from Intel, the company had a loss for the quarter.

They certainly don't give me any confidence. Their assumption for the back half of the year assumes a lot of things that certainly haven't happened over the last two quarters.

The biggest risk would be how to sell these things. They answered that by buying a robust distribution channel.

Does the drop in Intel's stock worry me? No. It's an indication that people made money in Intel and are trying to lock in their gains.