### Comment:
UBS' note was actually very positive with regards to the structural foundations of the semiconductor industry. He was worried about a very near term oversupply and pointed out that despite this not being an issue, MU has been historically dumped as soon as someone mentions 'oversupply.' And thus he initiated a sell for the short term. To be fair, the overreaction we saw yesterday proves his point

### REPLY:
Sure, but that’s separate to my point on this piece in particular.

### END.