Do analysts really think that Intel's capital spending is without solid basis?
As mentioned earlier, analysts are spreadsheet wonks. They don't run Fortune 500 companies and they don't understand what it takes to compete in the big leagues.
Intel is committed to keeping its process advantage to;
1) Maintain market dominance in its traditional markets,
2) Achieve strategic advantage over its competitors in everything mobile,
3) Produce enough volume to serve the largest device makers in a global market, and
4) Produce product in volume with price advantage over its competitors while maintaining its enviable 60% gross margins.
These are all very good reasons to continue their plan and investments.