The spot market for DRAM has been rather quiet, with modest activity occurring over the short term. Pricing has remained relatively stable with minimal fluctuation over the past six weeks, after a volatile month in June when prices rose significantly. Although DRAM manufacturers have successfully increased contract prices several times since June, the overall impact on the spot market has been minimal, which leads us to believe supply will remain strong. Through the first week of August, the anticipated back-to-school demand has been rather weak from a spot market perspective, and traders at Converge have not been surprised at the lack of activity in this market. As previously mentioned, the severity of oversupply during the first half of 2007 will require additional time to work its way through the supply chain. Combined with a soft back-to-school demand, we believe the DRAM market will remain unstable.