Our big macro call of the end of the previous cycle and the start of the new cycle from August-October of last year continues to be spot on.

FORBES: Fed's Hot Air Heats Up Stocks

Reluctance across the majority of distributors and end-market customers to build inventories through an unknown macro environment.

FORBES: Chips: RBC Wary; Cuts Ratings On INTC, NVDA, TXN, ADI

The analyst notes that in addition to macro risks to IT spending, FX fluctuations will weigh on end demand.

FORBES: J.P. Morgan Now Wary On IT Spending; Downgrades 5 Stocks