' You think Intel having to spend an additional $4B ON TOP OF the annual $11B in capex just to keep its lead is a POSITIVE?'
Not keep its lead, extend it. It can carry on using 300mm wafers and immersion technology but it will get greater competitive advantage and more bang for buck eventually with EUV and 450mm. This btw is for processes below 10nm i.e. in 2018+. Intel will lead here too as it did with Trigate/FinFET. Analysts can't tell the difference between cost and investment.
I get it. Intel is investing for the future. It doesn't make 2013 pretty and will challenge 2014 unless they can get into tablet/phone. I am looking to get long again in Jan 2014. The stock market is impatient and short-sighted. INTC will not be rewarded for investing for the long-term until the long-term becomes the now. TSMC is allegedly nipping at INTC's heels as far as process improvement, so be careful.
"So, let me get this straight... You think Intel having to spend an additional $4B ON TOP OF the annual $11B in capex just to keep its lead is a POSITIVE?"
[Ah, let's address the complete fiction in your statement. It's the "just to keep its lead" lie. Intel has a huge lead in technology, fabrication and manufacturing. The spending on 450mm isn't to just keep its lead. It's to make a HUGE extension in its lead.]
[These are just basic business concepts, short boy. CapEx isn't a bad thing if you can afford it, which Intel easily can, and you spend it on smart things that improve revenues and profits. Intel is making the smart expenditures. Do you actually know anything about fabrication, EUV or 450mm and the impact each has on profits?]