摩根大通認為，身為IDM的Intel，既有卓越的製程技術，也有自家產銷的X86處理器，當審慎區隔戰線，善用資源。
PC需求衰退雖是事實，但已逐漸築底，畢竟smart device無法完全取代生產力運算用途的PC；而前端smart device的蓬勃同時，也帶動後端server需求，ARM-based微伺服器短期內仍無法撼動X86架構地位。PC與server的消長互補，Intel已立於不敗之地。
Intel indicated it is
lowering its spending on handsets by more than 20% YoY in 2014 versus 2012, as the company is focusing only on the largest handset makers. We believe the lower handset spending is another positive for the company as we have been saying that
the smartphone applications processor market opportunity is too small to matter, and
Intel architecture is not competitive in cost or power versus ARM.
寸長寸利，寸短寸險，一體兩面。在PC與server具優勢的X86，在smarrt device上明顯沒有優勢，Intel應降低對其投入以持盈保泰。
We believe way for Intel to gain material revenue and earnings from the “mobile” market (tablets/cell phones) is via
foundry since
x86 processors are not competitive versus ARM processors in non-Windows applications, i.e. almost every tablet and phone. We believe Intel is generating interest in its foundry business due to
a combination of TSMC missteps and Intel promising a one year lead over TSMC and others at 10nm, which would reach production in 2016. Since Altera was announced in February 2013, Intel added Microsemi, and we believe Cisco and Brocade will follow.
反之，X86奠基的關鍵法寶 - 先進製程，極可能是Intel重返高獲利的要素。在對手落後至少一年差距的現狀下，Intel未來14/10nm的成本優勢，令其foundry事業前景看好。甚至Apple可能是潛在的入幕之賓。
Apple foundry business contributed roughly
$3.9 billion in revenue for Samsung in 2012, and we estimate it could
grow roughly 21% YoY to $4.7 billion in 2013. Our analysis indicates if Intel were to
win 50% of Apple’s foundry business at 25% operating margins (roughly in line with Intel’s corporate average), it would add roughly $3.4 billion in incremental sales (6%) and $0.13 in EPS upside (6%) in 2017E.
- J.J. Park with J.P. Morgan
秉持與小摩對Intel製程功力相同的信心，Jefferies & Co.進一步認為14/10nm將是Intel處理器在行動市場的轉捩點。
At the same time that Intel has started focusing on computing devices in mobile form factors, it appears that
TSMC is hitting a wall on the transistor cost curve. We believe that due to Intel’s
larger R&D budget, its
recent focus on the mobile/tablet market, and its
higher R&D spend relative to TSMC, that
it will produce a lower cost transistor than TSMC for the first time ever in 4Q14. We believe Intel extends that cost lead 24 months after than in 2016.
By 2016, Intel potentially has a 66% price advantage over TSMC-built ARM SoCs. Due to its superior Tri-gate transistor, Intel’s chips should also offer
lower power, smaller footprint, and higher performance. We believe Intel stands to gain share in the tablet and handset markets as
it brings to market 50% and 66% pricing advantages in 2015 and 2017. Gartner forecasts ~400m tablets ~1.5bn smartphones in 2016, and we expect Intel can achieve 50% share in the tablet market, and 20% share in the smartphone market.
- Mark Lipacis of Jefferies & Co.
