When the market is going strong, meeting demand is often an issue, even for the biggest chip makers.

Demand is limited, and the use models are at odds with the business goals of device makers' biggest customers: the mobile operators.

The demand is strong everywhere. . . . It's hard to find a soft spot in their market.

Machinery makers are enjoying steady increases in their production. Japan's strong economy is boosting domestic demand.

Who knows when and exactly what the catalyst is going to be. End demand is not as strong as what some of the components of the technology stock market would suggest. With valuations where they are right now, there is some near downside risk. But unlike where we were last year where we fell off a cliff, we might fall off a curve.

Lenders could be unwittingly exposing themselves; they may think they are lending 85 per cent when in fact it's more like 95 per cent, which is why some are getting wary.