It's a question of growth. In some ways we think that they're a victim of their own success. I mean, when you have already won the war, what do you do next?

AMD just got unlucky in any number of ways but in the chip business, luck can change very quickly and you can make a lot of money. But it's going to be a tough stock to play and will be very volatile throughout the year.

The semiconductor industry is very, very cyclical; and when things are good - which they are now - they're always better than were expected. Of course, when things turn down, they always hit harder than anybody would have guessed. And right now what's happening on Wall Street is a lot of people are trying to kind of guess the top: are we there yet? There's really no way to tell.

We think Intel's antitrust issue is something to be concerned about, but it's only a No. 3 or No. 4 issue.

I walk about five steps into the next room.

We had all these negative pre-announcements and the stocks aren't going down, and the sector is going up. The market is calling a bottom.