During this downturn chip making industry has seen numerous arguments that Moore’s Law has to slow down and no one can afford to continue as before. The fab cost is over $3B for leading edge fab, steppers are forecasted to cost more than $30M each, and new materials like copper, Low-K and High-K are creating new failure modes that are not well understood. In essence, the future of chip making is different. Or is it? Data shows that cost per transistor still continues to drop at historical rates. The number of transistors manufactured continues to grow fast, which shows world’s appetite for technology. Simultaneously, chip industry continues to shrink the critical dimensions at a very regular rate of node per two years. All of this is more difficult and expensive. This means it’s becoming more of a big company game - - a long term trend that’s been in place since the eighties. The analysis, however, also shows evidence that long term growth for chips and equipment is fundamentally lower. The future is different, but not as dramatically as has been argued.