The current positive sales trend is driven by capex from advanced logic and foundry end users. However, orders for many subsystems are currently still below what would be expected given the order activity at the OEMs. This implies there are inventories of critical subsystems yet to be worked out of the system. The consensus is that we are close to clearing these legacy inventories which means critical subsystems orders should start to pick up quickly towards the end of the year.
ML: Market Leader