The doom and gloom scenarios about no growth in PCs this year have given way to expectations of 10 percent growth rates,

Intel can keep charging premium selling prices for their notebook chips because they are materially superior,

The adoption of semiconductors appears to be broadening. This should be a good, strong year,

AMD is still a small company versus Intel but the fact that they are growing is testimony to the improvement of their product lines,

There is a debate as to whether this is a relief rally or the start of a second half recovery, ... But the year has been bleak for the group and since we had such a big pullback early on, I think chip stocks have more upside.

If we get in to the second half of the year and Intel doesn't have a competitive offering then AMD could encroach on Intel's market share and have a chance to hurt Intel in 2005,