lt cap,

That 'drumbeat' of a speculative INTC miss does seem to be getting stronger. But the heart of that story is so familiar to me, having followed INTC for decades:

Never bring a water pistol to a shotgun fight. INTC periodically ravaged AMD by instituting a price war when AMD's share started to get toward ~15% of the cpu market. with Qualcomm doing some kind of restructuring, it makes sense that INTC would steal business at zero margin perhaps just to put the hurt on them. INTC can certainly be ruthless and relentless in competition. Part of why I like them :-) Their size and financial resources make it very difficult for whoever is on the other side to withstand a price war.