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.

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 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.

The overall percentage we pay (the Forest Service) is in excess of 4 percent of revenues.

It's hard to get wage gains when you've got a persistently excess labor supply.