Patrick Ho Quotations

Obviously whenever inventory builds, in the back of your mind, there's always a little bit of a concern.

I am thrilled by our athletes continuously winning awards and would like to extend my heartfelt congratulations to them.

If Intel guides up at all, it's a huge positive,

Fundamentals for the semiconductor industry will continue to be strong but from a stock basis, the growth prospects will be less than they were in 2003.

We suspect that initiatives within its manufacturing operations and a more streamlined supply chain are just part of the reasons for the improved margin profile.

People are confusing some of the normal seasonal slowdown we get in June with being some type of secular change in the environment.

People are interested in hearing what back to school trends are occurring because that sets up the holiday season. Whatever Intel says is likely to have a big impact on the state of overall tech demand.

You are entering a seasonally softer period, so you don't want to have inventory at a worse level in December than where you were exiting the September quarter,

Typically Intel looks for small companies that it can easily assimilate, and if the deal doesn't work, it would just get lost in the shuffle.

We are in a pause. People are still trying to figure out where we are in this cycle.

To work out some of the inventory, I think there may be some more aggressive pricing tactics to get rid of it.

When sequential growth starts slowing down, that's when savvy investors will have to think about getting out of the chip sector,

This was a pretty good quarter but people may have set unrealistic expectations.

You have to separate the fundamentals from the stock price. The fundamentals are strong and getting stronger. Having said that, what I'm a little concerned about is that a lot of this is factored into the stock.

At some point, you have to have a level of absorption.

Samsung has placed price pressure on Intel in flash memory. When Intel raised flash prices last year, Samsung was a big beneficiary,

A lot of the negative news was baked in to the stock already.

If nobody's buying PCs then nobody is buying chips and nobody is buying equipment, ... Having a healthier demand environment gives chip makers more confidence to migrate to leading edge equipment.

I'm not surprised that there is a sell-off but I'm a little surprised at the magnitude of the sell-off.

Investors have been looking for excuses to say the chip cycle is over, ... But I'd guess that things don't plateau until mid 2005.

Chip stocks are testing trough valuations but if we have a seasonal pickup the downside is somewhat limited. But if you don't get that seasonal pickup, then chip prices drop and inventory gets dumped in the channel. That's when havoc ensues.