As the "Great Recession" has decreased in intensity, our proprietary leading indicators have been moving up since they turned in March 2009.
As shown above, semiconductor revenue has followed since the inflection in March.
If we take a look at a similar comparison between our proprietary leading indicators and semiconductor equipment, we see that the inflection point for equipment didn't occur until May 2009, but, more importantly, equipment revenue hasn't tracked our leading indicator curve.
There have been forecasts of late pointing to 50% or more growth in the semiconductor-equipment market in 2010. Unless a paradigm shift occurs in semiconductor buying strategies, those numbers will be far off the mark.