SAN FRANCISCO/NEW YORK, Sept 9 (Reuters) - Chip makers National Semiconductor and Texas Instruments Inc on Thursday issued quarterly financial targets that stoked investors' worries about a sluggish economy.
Both companies cited weak demand for personal computers and other devices that use microchips and National Semiconductor said consumers were not spending as much as expected.
"We'd all like to believe that consumer spending is onward and upward but I don't think it is," National Semiconductor Chief Executive Donald Macleod told Reuters.
What does this tell you about semiconductor demand?
That it is sputtering - while well off the absolute bottom when all demand was being fed by existing inventories (which was the case at the end of 2008) there is zero evidence to support a return of organic demand at anything close to the 2006 and 2007 "rah-rah" levels.
Down about 45% from the 2006-2007 levels and below those of the first half of 2008.
Good luck betting on the premise of "economic recovery" when the high-tech gadgets that have been the driver of the economy for the last two decades aren't selling!
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