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I agree, mostly. The chip cycle won't stop until there's a recession. But could you elaborate on what you mean by "things have changed?"

Hi Jim,

Actually it is a longish story and I am not ready to put it all on the table here and now, because I am writing a major piece on it for a new newsletter on chip stocks soon.

Some elements: similar to the change from Galbraithian economics some 50 years ago to more controlled economic environments, better forward planning, but also JIT causes less of the tail wagging the dog (thks ^^^^). I also believe that chip number growth will outgrow asp erosion for the next foreseeable future. Hence a growth market, but one has to pick one's sectors.

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