The dominant player in every sector will always earn supranormal returns and INTC will remain the dominant player. In fact, INTC is better positioned than it has been in some time because it has realized the need to optimize for both power and performance rather than just power. INTC will have a great multi-year run from here. Everyone is being herded into exactly the wrong LT investments right now. I'll bet anyone INTC has a dramatically higher market cap than TSMC in 10 years, despite being only 15% higher now (all the while having a higher yield, 2.5X as much EBITDA and roughly 10X the FCF -- not quite sure why GS put TSMC on its Conviction Buy list...).
By the way, the short interest is now about 200MM shares.