The growth outlook relative to developed markets is still in tact. We believe in the consumer story in emerging markets.

The Middle East is the area where we're most concerned. There has been a lot of speculation in these markets.

The outlook for global emerging markets is very positive. The fundamentals have never been so strong.

A higher valuation is justified when a company's earnings growth is significant. AMD's growth prospects are substantially higher than Intel's.

The semiconductor industry is entering a new growth phase which includes new product development for consumer applications, the entrance of new players in China and India, and more complex challenges due to advanced technologies. These issues are impacting the manufacturing strategies.

Tact is the unsaid part of what you think.