Exhibit 99.2


             [LETTERHEAD OF CREDIT SUISSE FIRST BOSTON CORPORATION]


Board of Directors
MMC Networks, Inc.
1134 East Arques Avenue
Sunnyvale, California 94086

Members of the Board:

      We hereby consent to the inclusion of our opinion letter to the Board of
Directors of MMC Networks, Inc. ("MMC Networks") as Appendix C to the Joint
Proxy Statement/Prospectus of MMC Networks and Applied Micro Circuits
Corporation ("AMCC") included in the Registration Statement on Form S-4 filed
with the Securities and Exchange Commission by AMCC on September 12, 2000
relating to the proposed merger transaction involving MMC Networks and AMCC and
reference thereto in such Joint Proxy Statement/Prospectus under the captions
"SUMMARY - Opinion of MMC Networks' Financial Advisor" and "CERTAIN TERMS OF THE
MERGER AGREEMENT - Opinion of MMC Networks' Financial Advisor." In giving such
consent, we do not admit that we come within the category of persons whose
consent is required under, and we do not admit that we are "experts" for
purposes of, the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder.





                    By: /s/ CREDIT SUISSE FIRST BOSTON CORPORATION
                        ------------------------------------------
                        CREDIT SUISSE FIRST BOSTON CORPORATION









September 12, 2000
Palo Alto, California