Whether it's sold as software off those boxes or you're selling the cycle time of the actual platform or the infrastructure, that's all it is underneath.

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It depends, in part, on whether you are looking at people or companies, in America or elsewhere, and just how you define the cycle (ie, actual defaults, widening spreads, worsening aggregate numbers?).

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Globalfoundries starts its involvement with customers early in the design cycle, 2-3 years before the actual silicon is manufactured.

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In the same 25-year time span only two times have the analysts been too bearish compared to actual earnings, and this was in the recovery phase of the business cycle after a recession.

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