lt cap,

Yes, I have to admit that spending $1bln on mobile and getting a $1mln in revs is pretty concerning, given that I think you're right - the need to establish a decent footprint in mobile. I don't think the game is over yet on that sector, but the 'early innings' aren't too encouraging, so far. I think the sale of the set-top box initiative was wise. I like the fact that they both own their own fabs (lower cost) and are leading edge in nm shrinkage (better chips earlier) are strong points, with the flexibility to 'rent out' fab capacity to produce chips for others when their own demand has some slack. I like the fact that they're still in bed with Apple to some degree. I like the fact that even though their mobile presence isn't taking off it has the potential (tricky term, that) to produce products such as SOC that are better than the competitions', and if they take a hit on margins to get a customer base, that's the price of entry. Lastly, as you say, even if the stock goes nowhere, the dividend is good enough for me if it reaches around 30, I'd take a close look at buying. But, as first said, mobile is where to keep your eye on. Windows phones are/were a joke, Microsoft stepping on it's own  d*** again. I do think that computers that serve as dual desktop/tablet will be big, and MSFT's Surface 3 looks like a viable machine.  I am sorry that they have MSFT as their biggest partner - kind of like teaming up with Elmer Fudd - (ever notice the similarity with Balmer, whose ghost still hangs over the company?)