Question-and-Answer Session
Operator
Thank you (Operator Instructions). Your first question comes from Timothy Arcuri with Citi first.
Timothy Arcuri - Citi
Hi Rick, a couple of things, there seems to be some view out there from some folks that your exposure to NAND is less than some of your peers? So I am wondering if maybe you can start to give us some flavor of sort of what your exposure is to these different segments of the market foundry DRAM, NAND, even if you do not give us exact numbers, can you give us some sort of sense?
Rick Hill
Well I think our exposure to NAND is no different than any of our competitor’s exposure to NAND in particular and I think we have been around a long time we are in every semiconductor company in the world when you look at our product portfolio, given its level of performance and quality, I think that we should be for those that are financially driven companies, the product of choice in most thin film applications. That is my view.
Timothy Arcuri - Citi
Okay, and this is just a quick follow-up for me Rick, obviously the earnings guidance is just great and I am just looking beyond that and I am wondering whether some expenses will start to come back as you move into the first half of 2010 and maybe if you can extend the model and maybe pick a couple of revenue levels and say, ?maybe $400 million what the general PNL might look like?
Rick Hill
What we have said in the past is that we are going to hold our expenses flat at roughly up through $250 million per quarter and roughly $80 million per quarter maximum and our target operating model, where operating expenses are 28%.
Operator
Your next question comes from Steve O’Rourke with Deutsche Bank.
Steve O’Rourke - Deutsche Bank
Rick, can you please tell in kind of where you are seeing the orders from in Q4 to sort of like segment some pretty strong guidance going forward and just trying to get a better idea where it is all coming from?
Rick Hill
I think demand will come largely from three sources, Taiwan, Korea and the United States.
Steve O’Rourke - Deutsche Bank
One follow up, when you think about NAND Flash and the demand for equipment for NAND Flash coming out to 2010, Sandisk recently commented that they have not made commitments for new capacity next year, it does not mean they will not, but it seems a lot of companies are thinking that way to try and keep things strong. How are you looking at NAND Flash spending based upon how you are looking at the industry going out for 2010?
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