CAPEX is a means to an ends and an investment in future production and production efficiency. Don't really understand why analysts always want to distort it into a negative unless their aim is to purposely manipulate the stock. If you look at most of the bear analysts you can see that they all have buy recommendations on ARMH so their bias is pretty clear.
INTC has spent a lot of money retooling their factories for 450 MM wafers. They are way out in front on this and this has allowed them to have efficiency that the others don't have. The result will be margin expansion due to increased efficiency. Hard to see that as a negative.
Interesting you mention Covellos's criticism of Intel's CAPEX for 2013. Intel's CAPEX was a key reason he slammed Intel and gave it a $16 target. Yet his colleague at Goldman increased his target for TSMC after TSMC announced they would increase their CAPEX in 2014 & 2015 by about the same amount Intel would spend. So when Intel spends the CAPEX to ensure its two year plus advantage over of its competitors CAPEX is bad, but when the competitors in the ARM camp try to overcome their competitive weakness with a similar investment two years after Intel - its good.