Technology >> Sector Roundtables >> September 14, 1998

Roundtable Forum: Semiconductor Equipment Industry

Vadim Zlotnikov is Chief Investment Strategist, U.S. Institutional Services at Sanford C. Bernstein & Co. Mr. Zlotnikov has responsibility for developing portfolio recommendations for the US market. Additionally, he is responsible for separate quantitative analysis and technology sector strategy products. Before undertaking his current position, Mr. Zlotnikov was an analyst covering PC and semiconductor industries, and launched the Technology Strategy product in 1996. Prior to joining the firm in 1992, he spent six years as a management consultant with Booz, Allen & Hamilton, conducting a broad range of strategic and operational studies for technology companies. Mr. Zlotnikov also worked for Amoco Technology Company as a Director of Electronic Ventures, and spent two years as a research engineer with AT&T Bell Laboratories. In the past, he was named to the Institutional Investor All-America Research Team in the semiconductor industry, portfolio strategy and quantitative research. Mr. Zlotnikov earned a BS and an MS in Electrical Engineering from the Massachusetts Institute of Technology in 1984 and an MBA from Stanford University in 1988. Profile
ROBERT MAIRE joined Needham & Co. in May 2004, coming from Bear Stearns & Co. Prior to that he was with Donaldson, Lufkin & Jenrette from 1996, covering semiconductor capital equipment. Before joining DLJ, he was with Morgan Stanley as a Research Analyst covering semiconductor equipment, peripherals, wireless and specialized systems. He was previously a manager in Morgan Stanley's Information Technology group. Prior to joining Morgan Stanley, Mr. Maire was a Manager in the Information Technology division of Bankers Trust Company. He holds a BS degree in Electrical Engineering and a BS degree in Computer Science from the State University of New York at Stony Brook. He has been cited by the Wall Street Journal in its annual survey of earnings estimate accuracy. He has been ranked by Institutional Investor for the past several years. Profile
MARK F. FITZGERALD is a Vice President at Merrill Lynch. Previously, he was associated with Union Bank of Switzerland, Hambrecht & Quist, Dataquest, and Materials & Technology. Mr. Fitzgerald received his BA in Chemistry and his BSc in English Literature from McGill Univeristy in Montreal and his MBA from Duke University. Profile
TWST: Mark, won't you set the stage with your definition of the

semiconductor equipment industry?

Mr. Fitzgerald: The semiconductor capital equipment business is roughly

a $30 billion global