It seems that this time around the industry in general has been quick to respond to the inventory build-up.There've been a few recent articles to the effect that this may suggest a less violently cyclical industry in the future.
example:
From article dated 30 Dec 04:
...Just as electronics companies are being more cautious about hiring, they’re also being more cautious about inventory and bookings and building new fabs. The supply chain is being managed far more tightly than ever before. Followed through to its logical conclusion, that should make it far harder to predict downturns and upturns because the gyrations should be less intense and much shorter....
Roy Vallee,Chairman and CEO of Avnet,also seemed to say much the same in a recent conference call (on Avnet site)
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