Intel is also getting smarter & smarter in terms of how its using its semi equipment. So, a drop in orders to its "suppliers" might mean better bottom line for Intel results. Of course, analysts who dont know any better are just lumping all companies including Intel into the "semiconductor" bucket.
Intel has generally built a new FAB with new equipment rather than to retrofit an existing FAB with new equipment. The new FABs have usually been on a smaller geometry and possibly with new technologies.
At each generation they have selected an equipment supplier and then jointly worked with the equipment vendor to bring it to production. The vendor who gets the next generation order from Intel gets a lot of business. Intel works very, very closely with the vendor to monitor progress.
Today, Intel is buying some 300mm equipment but they are gearing up for 450mm wafers. They are buying equiment for 22nm/Trigate. The semi equipment company who got the order for these machines will report a pop. Others will not.
Semi is nearing overcapacity with the 300mm wafer fabs and with the 450mm fabs WILL be at overcapacity. That is why Intel is looking at foundary business. They want keep plants rolling at max capacity.