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and buy-down of the industry began; by 1975, American steel production had declined by 37 percent Even so, the industry still employed 500,000 workers at very high union scale wages By the late 1980s, domestic steel production had rebounded, but the number of workers had declined dramatically Furthermore, the nature of the product had changed radically: Instead of producing enormous lots of traditional steel products such as building materials, the foundries turned out small volume, highly specialized products with a very high profit margin In much the same way, segments of the component industry have found their way offshore Many domestic manufacturers are selling off their large-footprint silicon foundries and are instead farming out the work to the lowest price, high-quality bidder, many of which are offshore In Asia, government-subsidized foundries are being built with the stated intent of cornering segments of the global manufacturing work, including memory (DRAM).

Micron is still the largest manufacturer of DRAM in the world, but large fabricators are on the horizon that will give them a run for their money One response to this commoditization is the move to fabless manufacturing Major component manufacturers have realized that the actual manufacturing process, which is highly labor and capital intensive, has reoriented their businesses Instead of focusing on the actual manufacturing, they focus on the design of highly specialized, customdesigned chipsets for individual clients In effect, they become the architects of the chip design and then hire a reliable manufacturer to actually build the physical component Today, there are more than 350 fabless manufacturers in operation, and like the steel industry that learned to succeed through specialization and cost control, these companies are proving to be viable.

fiscal year (FY) The accounting year consistent with the operating cycle for which a firm reports its periodic financial statements free cash flow (FCF) Equal to cash inflows minus cash outflows free cash flow to equity (FCFE) Equal to free cash flow minus interest expense free cash flow to firm (FCFF) The free cash flow available to all shareholders and stakeholders after capital expenditure obligations are fulfilled fully valued stock A stock with a price that is generally considered to be at the high end of its intrinsic value High-growth firms eventually become fully valued when all future growth expectations and opportunities are priced into the shares and there is a limited additional upside fundamental analysis Security analysis that incorporates all available public information relating to a particular company, including historic prices, industry data, and overall market performance.

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By putting a customer s IP on a custom-designed device, a manufacturer can create a small product monopoly by offering customer-specific services instead of large-lot, capital-intensive manufacturing and by focusing on accuracy, cost reduction and revenue enhancement as well Another successful direction for component manufacturers is the creation of more complex system-on-a-chip (SoC) devices As the IC-toFPGA-to-ASIC evolution has moved inexorably forward, the need to increase functionality while reducing footprint has also increased The end-user device that, while physically shrinking also grows in functionality, has presented a new set of challenges to the manufacturers that must meet both of those design criteria We now turn our attention to the systems manufacturers..

Downloaded from Digital Engineering Library @ McGraw-Hill (www.digitalengineeringlibrary.com) Copyright 2004 The McGraw-Hill Companies. All rights reserved. Any use is subject to the Terms of Use as given at the website.

greater fool theory A theory based on the belief that anyone who makes an investment will be able to sell it to a less informed investor for a profit in the future growth stocks Stocks of companies in expanding industries where the growth in earnings on revenues is expected to be significantly greater (eg, 15 percent or more) hedge fund A hedge fund is a sophisticated investment partnership that borrows money, purchases financial assets, and simultaneously hedges the risks associated with owning the assets by selling offsetting hedge liabilities incremental working capital expenditure The change in working capital from period to period initial public offering (IPO) The first publicly traded issue of a corporation s common stock intrinsic stock value The firm s raw material, work in process, and finished goods surplus that has not been used or sold in the normal operating process.

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The system manufacturers that is, the companies that manufacture complex network systems such as routers, switches, multiplexers, and other devices required in a large network were hard hit by the downturn in the telecom industry Because of their relative position in the food chain they sell directly to the service providers they were affected early in the process As soon as end-user and enterprise spending began to decline in 2000, service providers put their capital expenditure plans on indefinite hold Unfortunately, the systems manufacturers had based their manufacturing plans on continued service provider spending; so, when the spending stopped, manufacturers were left with a massive overhang of inventory inventory, by the way, that ages rapidly and quickly becomes unusable Between 1996 and 2000, total hardware spending grew 16 percent per year, from $245 billion in 1996 to $47.

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