I've been as surprised as anyone at how far the chip stocks have corrected this year. I won't try to explain it after the fact, because I didn't see it coming -- and I should have. However, after checking in with my old industry contacts, I remain very enthusiastic about this industry's upcycle. Book-to-bill ratios are still strong, over 1.0. Pricing is firmer and order lead times are lengthening. Industry excess capacity has been absorbed, and managements are preparing for a sequentially stronger second quarter and second half.