'Intel doesn't have to move to 22nm on servers yet because there isn't any competition.'
Just like ARM doesn't have to move to 28nm yet because there isn't any competition. ;-)
1.) The fabless model is not broken. 2.) There will likely be over-capacity in 2012 with 28nm adding to a still competitive 40-45nm and 65nm. 3.) This excess capacity will not result in production disruptions at ARM shops. 4.) ARM's fabrication at 28 and 20nm is coming online quickly enough to attach 32nm Atom for sheer performance in 2012. 5.) ARM's ability to move to 14nm within any given period of time is relatively known and not an issue now. 6.) There is no problem finding funding for TSMC, Samsung or G-F. 7.) Wallis is just FUDing for the sake of making INTC look a better investment than it actually is.