When Stacy Smith, Intel`s EMEA VP, breezed into town just after the third quarter results for the silicon giant were announced on 15 October, every analyst was watching those results with a microscope. The verdict? An apathetic ho-hum. Smith says he dreamt he had to explain the financial results to the stewardess on the flight over.

“We`re not calling a broad-base recovery at this time,” says Smith. “EMEA did well as a region, but we`re still not seeing a recovery. Corporate spending continues to be under tight control.”