> "Management gave several reasons for the tough upcoming quarter, but one theme that came through was that its customers simply have too many chips and need to

> "Management gave several reasons for the tough upcoming quarter, but one theme that came through was that its customers simply have too many chips and need to work through inventory, so they won’t be buying many new chips." That's an interesting way to say "end users aren't buying our products, so the companies we sell to who stock them don't need more stock." Or maybe "our competitors' products are much better than ours, so people are buying those instead."