The stock underperformance is ridiculous. He's totally failed to convince Wall Street that PCs are not dead. His mobile strategy has failed to this point. PE keeps going lower & lower, & he refuses to address it.
Intel knows exactly what it is doing. They have been buying back shares if you haven't cared to research. Their R&D is focused on current and future trends in computing [incl. mobile]. The stock sucks, but who cares? They are paying me a decent dividend and they keep making oodles of money. Really, that's all that matters owning a stock.
You just want your cake AND eat it too. Go buy Apple, they are ripe for some huge gains at current levels. And then you can start bitchin' to the almost dead guy that they're not paying you a dividend with all that cash sitting idle.
The "PC" is a form factor for a productivity tool.
There is a "rapidly expanding market for more efficient productivity tools". An "interconnected computing device" is a productivity tool.
I tend to think of these devices as having implementation trade-offs. There is a continum of portability/compute-capability. The more computing the less portable due to size and power consumption.
Intel has a MISSION to push the computing power down the portability curve.
IMO, many people just missed the Apple goal to connect their music business into their PC business with the iPAD/iPhone as the connective boundary. If they recognized the Apple goal, they underestimated the ultimate success.
The interesting thing is the low PE valuation that the market gives Apple. The market does not expect the growth to continue.