I liked the CC. It went very well. Yes there were a couple of analysts that were trying to throw rocks at Intel but they handled it perfectly.
Key takeaways that I saw:
1. Inventory problems that hurt this quarter have largely been dealt with and should not be a problem going forward.
2.Profit margins are higher for this quarter and future quarters than anyone expected.
3. Capex will be higher than expected. Some folks will make hay out of this but Intel explained that most of it was normal. The extra is due to migration to larger wafer size. The larger wafer size should improve efficiency down the road and will reap margin benefit down the road. Intel already the most efficient fabs in the world and they are going to keep it that way.
4. Intel is moving aggressively into Mobile chips. This will benefit them as time goes on.
Don't let the bears scare you. 2013 will be a transition year but a growth year with things picking up nicely toward the end of the year.