Intel Corp (INTC)

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It's not capacity because the fab itself is not equipped -- it's just a shell.

Remember, the reason that "excess capacity" is a (financial) problem is the fact that once that equipment is installed (in other words, that factory can actually be used to produce chips), the depreciation clock begins ticking (which impacts cost of goods sold, and ultimately margins).

Without equipment, it's just an empty shell that Intel can choose to equip at any time, so there shouldn't be an impact to depreciation and ultimately margins.

If that fab were equipped with expensive equipment and was not being used to manufacture anything, then that would be a very big problem for Intel -- which is exactly why it sits empty today.