If you're president of Texas Instruments and you go into your board of directors and say, 'Next year, we're just going to keep our market share,' you're out, you're fired. Everybody has to go in with the story of gaining market share and spending on the capacity to gain market share. Of course, it all just doesn't add up.

We spent next year's No. 1 to get a guy who was ranked 10th on our board this year. What's that worth? Unless we wind up in the top 10 of next year's draft -- and we think we're going to a better team than that -- we can live with that price. This building is pumped. We've added to our offense and our defense, and we've got a quarterback we can build around.

This board of directors has been totally asleep,

The chipmakers are always the last guys to find out that there is excess inventory. The inventory situation has really kind of shown itself recently so it is something that we're identifying right now.

We believe the industry is maturing.

There really isn't a consistent cycle right now. The cycles are definitely in place, but the timing of the cycles is now what's a little bit different.