the market is distorted and ignorant because it's driven by opinion makers who only push selective info to serve their objectives (highly sophisticated (option) computer trading that scalp a couple cents on high volume.
20nm is not cheap at all and TSMC's margins are going to contract - GloFlo trying to break even in 2015 and AMD selling its campus to get cash for paying for wafers - completely ignored by a "market". but not when it comes to Intel. GS did not provide one piece of new data - but thet know how to drive the retail short mob.
Just click on TSMC option volume and compare it to Intel - there is no money in "manipulating" TSMC stock but Intel with its high dividend is a fat target for the fat cats.
I hope the CSCO foundry deal is going to materialize in near future
TSMC is breaking ground for 20nm fab for Apple (read ASML transcript).
However Apple would be crazy to put all eggs into one basket - just the fact that Taiwan could be rocked by a major quake any time.
I could see Apple give high end business to Intel while competing on ARM basis with Samsung .
BTW Samsung has no interest to "kill" the PC - quite the opposite.
Samsung wants Intel to adopt DDR4 in servers - so Samsung will be very nice to Intel.