Inventory? But don't panic

The semiconductor equipment book-to-bill (B/B) ratio dropped for the first time in six months in July, when it stood at 1.06, as opposed to 1.14 in June, according to figures posted by SEMI. The three-month billing average stood at US$1.65 billion in July, representing 6% on-month growth and 53% growth on-year. The B/B ratio had continued to gain, since last September, when it either improved or remained flat on-month. However, a look at the moving average ratio reveals that in July, the three-month average B/B ratio had actually shot up by 73% on-year, versus June's 53% on-year jump.

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