Europe can't get much worse than it is now. As for next year, even Europeans will want to upgrade PC systems given the prices that Intel has been able to bring them down to with healthy profits. As for emerging markets, they are at a pivotal point of explosive growth. Go do some serious research before you make any claims of emerging markets slowing down. Many of the emerging market PC sales cannot be tracked as mature markets are. They do not care much for HP or Dell. So the sales mostly come from non OEMs. Intel made this point more than once during company events. Go listen to them and pay close attention. Fact is Intel has surprised the market many times with PC and laptop growth as well.