Intel's Q3 results seem to have given the industry a confidence boost as the industry emerges from the downturn which started a year ago.
But are conditions in the chip market really improving or just not quite as bad as they were?
Paul Otellini, Intel president and CEO probably thinks the former is true when he talked of "this momentum in the current economic climate" when commenting after the chip maker's Q3 results.
Figures are still down on a year ago, but not by as much as had been anticipated.
This is likely to lead to investors and analysts taking a less pessimistic view of both the PC and chip markets where Intel is such a key player.
But it does not mean the industry is out of the woods yet.
The chip market is still predicted to contract by more that 10% this year.
The only positive we have is that six months ago there was a fear that the market contraction in 2009 would be nearer 20%.
The question remains: have the market conditions really improved that much or is our understanding of how bad the downturn was just got a bit more realistic?
Either way, Intel has given us some hard numbers and the reality is those numbers are improving every quarter.
And we all must be thankful for that.
For the record - Intel reported Q3 revenue down 8% at $9.4 billion, operating income of $2.6 billion and net income also down at $1.9 billion.
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