Adamson Brothers Announces Investment Opinion on Applied Micro Circuits Corp.

Business Editors

NOTE TO EDITORS: The following is an investment opinion issued by

Adamson Brothers

NEW YORK--(BUSINESS WIRE)--March 14, 2000

The following is being issued by Adamson Brothers, a Broker Dealer and a member of the NASD/SIPC, (CRD no.46684):

Applied Micro Circuits Corp: (Symbol: ) is a leader in connectivity for the world's fiber optical networks through its strong focus on SONET/SDH, ATM and fiber channel solutions. Applied Micro Circuits designs and develops high bandwidth solutions for communications infrastructure. Applied Micro Circuits also maintains an impressive list of clientele that includes Cisco, Alcatel, Juniper Networks, Lucent Technologies, Nokia, Nortel Networks, Siemens and 3 Com. Even with a bright future for Applied Micro Circuits, we believe that Applied Micro Circuits, as well as many other semiconductor stocks, have appreciated in price far too quickly to justify their current valuations. The Philadelphia Semiconductor Index has risen by over 89% for the year 2000; while over the last 12 months, the index is up over 249%. Leading analyst estimates for the semiconductor sector believe that semiconductor sales will grow by 30 to 40% per year from the current level of 160 billion dollars in sales. In our opinion, sales increases of 30 to 40% cannot justify run ups of over 240% per year. In the coming months, we expect the semiconductor sector to have a 20+% correction. This will more than likely come from a broad based sell off. -0-

    We Rate AMCC - Near Term: Hold We Rate AMCC - Long Term:
Accumulate Estimated 2000 EPS: $0.70

Broadcom Corp: (Symbol: BRCM)
         Near Term: Hold
         Long Term: Accumulate
         Estimated 2000 EPS: $0.75

Conexant Corp: (Symbol: CNXT)
         Near Term: Accumulate
         Long Term: Buy
         Estimated 2000 EPS: $0.89

Intel Corp: (Symbol: INTC)
         Near Term: Hold
         Long Term: Hold
         Estimated 2000 EPS: $2.63

PMC Sierra Inc.: (Symbol: PMCS)
         Near Term: Hold
         Long Term: Buy
         Estimated 2000 EPS: $0.72

Texas Instruments: (Symbol: TXN)
         Near Term: Accumulate
         Long Term: Accumulate
         Estimated 2000 EPS: $2.34

Vitesse Semiconductors: (Symbol: VTSS)
         Near Term: Hold
         Long Term: Accumulate
         Estimated 2000 EPS: $0.61

Xilinx: (Symbol: XLNX)
         Near Term: Hold
         Long Term: Hold
         Estimated 2000 EPS: $0.70.

Adamson Brothers also offers opinions numerous other companies, including: (Copper Mountain - symbol ; Cisco Systems - symbol , Harmonic Inc - symbol ; Lucent Technologies - symbol ; SDL Inc - symbol and JDS Uniphase - symbol ).

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This discussion contains forward-looking statements that involve risks and uncertainties. The companies actual results could differ materially from those described in any forward-looking statements or announcement discussed within. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, expressed or implied is made regarding future performance. Opinions and estimates may be changed without notice. The firm, or one or more of its partners or employees, from time to time may have long or short positions in, or buy and sell securities covered within this report. Additional information is available upon request.

Adamson Brothers, Inc. may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented herein. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them.