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[Aischa]

Lest diesen Artikel zu Rambus uns bildet euch dann eure Meinung.

Quelle:http://www.redherring.com/investor/2000/1102/inv-rambus11020…

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November 3, 2000




Rambus`s antagonistic ways bite back
By Dan Briody
Redherring.com, November 02, 2000
In the never-ending soap opera that is Rambus (Nasdaq: RMBS), there`s never a dull moment. But after the plot twists of this week, the future of the petulant intellectual property company is becoming tragically clear, and there`s a growing chance that this former superstar is going to get written out of the script.

In the last three days alone, the stock has lurched and lunged,falling more than 20 percent on Monday and Tuesday on reports that Intel (Nasdaq: INTC) was dropping support for its Rambus direct random access memory (RDRAM) technology. On Wednesday, the stock staged a minor rally, gaining 7.3 percent to close at $48.25 on news that the company had reached a royalty agreement with the world`s largest synchronized dynamic random access memory (SDRAM) maker, Samsung. Stop the bus, I think I`m gonna be sick.

The wild mood swings of this week serve to illustrate perfectly the change in character Rambus has undergone since bursting into the public markets three years ago. Quickly transforming itself from a bright, young upstart with loads of potential into a spoiled and contentious litigator, Rambus is in danger of isolating itself from its partners and peers. And after years of blind faith, evidence is mounting that Rambus`s staunchest supporter, Intel, is slowly distancing itself from its protégé.

WE CREATED A MONSTER
When Intel first chose to back the Rambus horse in the mid-1990s, the choices were few and far between. Intel needed memory that would keep up with its increasing processor speeds, and Rambus was the only game in town. The assumption was that once volume production hit its stride, the price of RDRAM, Rambus`s signature technology, would decrease and acceptance would be widespread. It never happened. And competing technologies, like SDRAM and double data rate SDRAM (DDR SDRAM), emerged as legitimate competitors.

In the meantime, Rambus saw the writing on the wall and started looking for alternative sources of revenue. That was when things started getting ugly. Rambus has either sued or threatened to sue every major SDRAM maker on the basis that it holds patents critical to the production of the popular technology. The Samsung agreement was a typical result of the proceedings, but at least two major manufacturers, Micron Technology (NYSE: MU) and Hyundai Electronics Industries, have preëmptively sued Rambus for collecting dues on unenforceable patents.

Much of the litigation is still ongoing, but the effect the suits have had on the industry players, many of whom Rambus relies on for manufacturing RDRAM, is apparent. Manufacturers have, not surprisingly, dragged their feet in RDRAM production, keeping the prices high and uptake slow.

"Rambus has not exactly endeared itself to the industry," says Howard High, an Intel spokesperson. "They have the reputation of being difficult. And when people use your technology because they have to, there is a different level of commitment than if they are using it because they want to."

As a result, Intel has been forced to offer alternatives to RDRAM for its high-end PCs. And though Intel won`t confirm the reports that it would phase out Rambus support, its endorsement of the technology has grown noticeably tepid recently, though it continues to recommend RDRAM for high-end PCs.

"At the end of the day, any person in business has to let the marketplace vote with orders and pocketbooks," says Mr. High. "If you had equivalent volume and price, I think people would choose Rambus because of the performance. The problem is, you don`t have equivalent volume and price, so people have to make a decision."

More and more, that decision is being made in favor of SDRAM, all of which is quickly relegating Rambus to the role of the bitter patent protector. This, of course, is not where they intended to be at the outset.

GET OFF THE BUS
With all the action surrounding this highly volatile stock, it`s easy to see why it has become a favorite of the day-trading crowd. But the longer-term picture is starting to take shape finally, and the prospects are not good.

Investors are starting to forget the reasons that Rambus used to be an attractive stock. In the beginning it had Intel`s full support, and it seemed a slam-dunk that RDRAM would become the new standard memory in PCs. That picture is worsening by the day. As Intel pushes Rambus away, RDRAM`s likelihood of success plummets. Considering that 74 percent of Rambus`s revenue in the fourth quarter came from royalty payments, it`s easy to see why investors are scared. And the stock is still very expensive, even after the big hit it took on Monday and Tuesday. Rambus is currently trading at about 106 times 2001 earnings estimates.

One could argue that the SDRAM licensing business holds promise, but we would argue that the terms of such arrangements are huge unknowns. It`s entirely likely that Rambus made major concessions to Samsung in exchange for the settlement, which had obvious press-release value, considering it shored up Rambus`s flagging stock. This daytime drama probably has a few more months of breakups, flaring tempers, and unrequited love left in it, but the smart investor would tune into another show.


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©1997-2000 Red Herring Communications. All Rights Reserved.









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Rambus has built itself a reputation for excessive litigation.

After Intel reaffirmed support of Rambus in February, Rambus`s stock soared.


Rambus is no stranger to steep sell-offs.






Company Profiles
Rambus

Intel


Samsung


Micron Technology


Hyundai Electronics Industries


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Eigener Dankanstoß:

Habt ihr euch schon überlegt, was geschieht, wenn RAMUS den Patentprozeß verliert?
Alle Firmen, die bis jetzt Lizenzgebühren zahlen, werden ebenfalls vor Gericht ziehen...

[jjjwww]

heisst was auf deutsch? ich hab rambus os, 753060 bei o,19 gekauft.und du

[jjjwww]

heisst was auf deutsch? ich hab rambus os, 753060 bei o,19 gekauft.und du

[destination]

Junge, Junge, da hast Du aber den beschissensten und dümmlichsten Bericht aus der Yahoo-finance Seite ausgegraben. Nur Schwachsinn.

[destination]

>"At the end of the day, any person in business has to let the marketplace vote with orders and pocketbooks," says Mr. High. "If you had equivalent volume and price, I think people would choose Rambus because of the performance. The problem is, you don`t have equivalent volume and price, so people have to make a decision."

More and more, that decision is being made in favor of SDRAM, all of which is quickly relegating Rambus to the role of the bitter patent protector. This, of course, is not where they intended to be at the outset.<

Der Idiot bezeichnet SDRAM als Zukunft, der hat sie ja nicht alle!!!!
Und das Schlimme ist, dass die Leute glauben, es muss stimmen, nur weil es ein "Journalist" geschrieben hat. Aber auch dort gibt es voreingenommene Dummköpfe, die von der Sache keine Ahnung haben, aber meinen, damit ihre Brötchen verdienen zu müssen!